Turkey: The Declining Lira
The currency’s wild ride continues into the new year.
Turkey GDP and Economic Data
Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Turkey economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Turkey best banks and safest banks are also available.
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International Reserves
USD 93.51 billion (2020)
World Bank, last updated 12/16/2021
Gross Domestic Product - GDP
USD 795.95 billion (2021 estimate)
IMF - World Economic Outlook, October 2021
Source
GDP (Purchasing Power Parity)
USD 2,873.84 billion (2021 estimate)
IMF - World Economic Outlook, October 2021
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Real GDP growth
| 2017 | 2018 | 2019 | 2020 | 2021* |
| 7.5% | 3% | 0.9% | 1.8% | 9% |
*Estimate
Source
GDP per capita - current prices
USD 9,406.58 (2021 estimate)
IMF - World Economic Outlook, October 2021
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GDP per capita - PPP
USD 33,963.10 (2021 estimate)
IMF - World Economic Outlook, October 2021
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GDP (PPP) - share of world total
1.99% (2021 estimate)
IMF - World Economic Outlook, October 2021
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GDP - composition by sector
- agriculture: 6.6%
- industry: 27.8%
- services: 54.6%
(2020 estimate)
Gross domestic expenditure on R&D; (% of GDP)
1.1% (2019)
Inflation
| 2017 | 2018 | 2019 | 2020 | 2021* |
| 11.1% | 16.3% | 15.2% | 12.3% | 17% |
*Estimate
Source
Unemployment rate
| 2017 | 2018 | 2019 | 2020 | 2021* |
| 10.9% | 10.9% | 13.7% | 13.1% | 12.2% |
*Estimate
Source
Public debt (General government gross debt as a % of GDP)
| 2017 | 2018 | 2019 | 2020 | 2021* |
| 28% | 30.2% | 32.7% | 39.8% | 37.8% |
*Estimate
Source
Public deficit (General government net lending/borrowing as a % of GDP)
| 2017 | 2018 | 2019 | 2020 | 2021* |
| –0.9% | –2.2% | –3.6% | –3.4% | –2.4% |
*Estimate
Source
Government bond ratings
Standard & Poor's: B+
Moody's: B2
Standard & Poor's / Moody's (January 2022)
Source
Market value of publicly traded shares
USD 237.5 billion (2020)
World Bank / Market capitalization
Largest companies
Koç Holding, Isbank, VakifBank, Garanti Bank, Sabanci Holding, Halkbank, Akbank, Ford Otosan, Turkish Airlines
Forbes Global 2000 (2021)
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Current account balance
USD -19.2 billion (2021 estimate)
IMF - World Economic Outlook, October 2021
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Current account balance by percentage of GDP
-2.4% (2021 estimate)
IMF - World Economic Outlook, October 2021
Source
Exports as percent of GDP (Exports of goods and services)
28.7% (2020)
World Bank - World Development Indicators (updated Feb 2022)
Shares in world total merchandising export
0.96% (2020)
Shares in world total commercial services export
0.7% (2020)
Export commodities
Cars and vehicle parts, refined petroleum, delivery trucks, jewelry, clothing and apparel (2019)
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Import commodities
Gold, refined petroleum, crude petroleum, vehicle parts, scrap iron (2019)
Exports - major partners
Germany 9%, United Kingdom 6%, Iraq 5%, Italy 5%, United States 5% (2019)
Imports - major partners
Germany 11%, China 9%, Russia 9%, United States 5%, Italy 5% (2019)
FDI inflows
| 2019 | 2020 | 2021 |
| USD 12.8 billion | USD 9.3 billion | USD 7.8 billion |
FDI outflows
| 2019 | 2020 | 2021 |
| USD 3.6 billion | USD 3.0 billion | USD 3.2 billion |
Value of cross-border M&A, by country of purchaser
| 2015 | 2016 | 2017 | 2020 |
| USD –164 million | USD –736 million | USD –726 million | USD -13 million |
Cross-border M&A deals worth over $3 billion completed in 2014
N/A
(for a monthly update on M&A; click here )
Cross-border M&A deals worth over $3 billion completed in 2015
N/A
(for a monthly update on M&A; click here )
Best countries for doing business
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.
Overall ranking: 33 out of 190 countries (2020)
Subcategories:
Starting a Business: 77 out of 190 countries
Dealing with Construction Permits: 53 out of 190 countries
Getting Electricity: 41 out of 190 countries
Registering Property: 27 out of 190 countries
Getting Credit: 37 out of 190 countries
Protecting Minority Investors: 21 out of 190 countries
Paying Taxes: 26 out of 190 countries
Trading across Borders: 44 out of 190 countries
Enforcing Contracts: 24 out of 190 countries
Resolving Insolvency: 120 out of 190 countries
World Bank - Doing Business 2020
Source
Global competitiveness ranking
115 out of 141 countries
(2019)
Index of Economic Freedom
Ranking: 107 / Score: 56.9 (Mostly Unfree)
(100=totally free 0=totally repressed)
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Languages
Turkish (official), Kurdish, other minority languages
Religions
Muslim 99.8% (mostly Sunni), other 0.2% (mostly Christians and Jews)
Total population
| 1990 | 2000 | 2010 | 2015 | 2020 |
| 53.9 million | 63.2 million | 72.3 million | 78.5 million | 84.3 million |
*Estimate
Source
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Urban population as % of total population
| 1960 | 1980 | 2000 | 2020 |
| 31.5% | 43.8% | 64.7% | 76.1% |
Literacy
Total population: 96.2%
Male: 98.8%
Female: 93.6% (2016 est.)
(age 15 and over can read and write)
% of population living on less than $3.10 a day
1.8% (2016)
Inequality of wealth distribution (Gini index)
41.9 (2016)
(0=perfect equality, 100=absolute inequality)
Source
Freedom House rating
Political Rights: 5
Civil Liberties: 6 (2019)
(1 represents the most free, 7 the least free rating)
Source
Total telephone subscribers as % of population
Fixed 14.1% Mobile 97.3% (2018)
(fixed-telephone subscribers and mobile-cellular subscribers)