 | |
| Currency | Turkish lira (TRY,₺) |
|---|---|
| Calendar year[2] | |
Trade organisations | G-20;OECD;BSEC;MIKTA;ECO;EU Customs Union;OTS;WTO, andOthers.!::!. |
Country group |
|
| Statistics | |
| Population |  85,664,944[7] |
| GDP | |
| GDP rank | |
GDP growth |
|
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
 32.9% (2025)[10] | |
Population belowpoverty line | |
 44.8high (2024)[13] | |
 34 out of 100 points (2023;115th rank) | |
Labour force | |
Labour force by occupation |
|
| Unemployment | |
Average gross salary | ₺47,346 / €1,334 (per month, 2024)[18][19] |
| ₺33,913 / €956 (per month, 2024)[18][19] | |
Main industries | |
| External | |
| Exports | $261.9 billion[b] (2024)[20] |
Export goods | |
Main export partners |
|
| Imports | $344.1 billion[b] (2024)[23] |
Import goods | |
Main import partners |
|
FDI stock | |
| −1.74% of GDP (2021)[25] | |
Grossexternal debt | $500 billion (2024)(28th)[26] |
| Public finances | |
| 29.5% of GDP (2024)[8] | |
| $144.343 billion (2025) (22nd)[27] | |
| −5.4% (of GDP) (2023)[28] | |
| Revenues | $234.9 billion (2022 est.)[2] |
| Expenses | $269.1 billion (2022 est.)[2] |
| Economic aid | donor: $8.399 billion, 0.79% ofGNI (2018)[29][30] |
All values, unless otherwise stated, are inUS dollars. | |
| Economy of Turkey |
|---|
 |
Stock exchange |
 Turkey portal |
Turkey has anemergingfree-market economy.[37] It ranked as the16th-largest in the world and7th-largest inEurope bynominal GDP in 2025.[8] It also ranked as the11th-largest in the world and 5th-largest in Europe byPPP in 2025.[8] Turkey'srapid economic growth since the 2000s was stranded by theeconomic crisis in 2018, but it began to recover in 2021.[8][38] Turkey'sUSD-based nominal GDP per capita and GDP-PPP per capita have eventually reached their all-time peak values in 2024.[8][38][39]
Turkey is a founding member of theOECD andG20. Ratified in 1995, theEuropean Union–Turkey Customs Union has established afree trade area between Turkey and theEuropean Union, which has increased bilateral foreign trade, investment and economic activity.[40]
As thefourth-most-visited destination in the world,[41] Turkey has a large tourism industry, which accounted for 12% of the country's total GDP in 2023.[42] First established in 2000, many technoparks were pioneered by Turkish universities, now hosting over 1,600R&D centers that drew investment by both domestic and international corporations.[43] Turkey is also among the world's leading producers of motor vehicles, consumer electronics, home appliances and defense products. In 2021, the country was ranked eighth in the world in the technology rankings of theEconomic Complexity Index.[44]
In the first quarter of the 21st century, there have been major developments in the financial and social aspects of Turkey's economy, such as increases inemployment and averageincome since 2000.[45] A period of strong economic growth between 2002 and 2013 (except for 2009 due to the2008 financial crisis)[46] was followed by a period of stagnation and recession in terms ofUSD-basednominal GDP figures between 2014 and 2020,[46] especially during the2018 Turkish currency and debt crisis; even though Turkey's USD-basedGDP-PPP andTL-based nominal GDP have continued to grow in this period.[46] Since 2021, there has been a steady recovery and rapid growth in Turkey's USD-based nominal GDP and GDP-PPP figures,[8][38] which have reached their all-time highest values in both 2023 and 2024.[8][38]
Growth-focused and populist financial policies, such as the preference to keep interest rates as low as possible (dubbedErdoganomics)[47][48] have led to one of the world's highestinflation rates since 2018.[49] Following the Turkishparliamentary andpresidential elections on May 14 and 28, 2023, and the appointment ofMehmet Şimşek as theMinister of Treasury and Finance on June 4, 2023, Turkey has adopted a more orthodox monetary policy regarding interest rates and has succeeded in gradually decreasing inflation from 85.5% in late 2022 to 42.1% in early 2025.[49][10]
The following table shows the main economic indicators from 1980 to 2024 (withIMF staff estimates in 2024–2029). Inflation below 10% is in green.[50]
| Year | GDP (in Bil. US$PPP) | GDP per capita (in US$ PPP) | GDP (in Bil. US$nominal) | GDP per capita (in US$ nominal) | GDP growth (real) | Inflation rate (in Percent) | Unemployment (in Percent) |
|---|---|---|---|---|---|---|---|
| 1980 | 159.2 | 3,516.3 | 96.6 | 2,133.7 | -0.8% | 110.6% | 7.2% |
| 1981 | 181.9 | 3,926.5 | 97.9 | 2,113.1 | 4.4% | 36.4% |  7.2% |
| 1982 | 199.7 | 4,215.0 | 88.9 | 1,876.6 | 3.4% | 31.1% | 7.6% |
| 1983 | 217.4 | 4,486.2 | 85.0 | 1,753.3 | 4.8% | 31.3% | 7.5% |
| 1984 | 240.6 | 4,857.9 | 82.6 | 1,668.5 | 6.8% | 48.4% | 7.4% |
| 1985 | 258.8 | 5,116.5 | 92.8 | 1,835.2 | 4.3% | 44.5% | 6.9% |
| 1986 | 282.3 | 5,471.0 | 102.3 | 1,983.1 | 6.9% | 34.6% | 7.7% |
| 1987 | 318.3 | 6,051.1 | 118.9 | 2,260.7 | 10.0% | 38.9% | 8.1% |
| 1988 | 336.5 | 6,280.3 | 125.0 | 2,333.2 | 2.1% | 73.7% | 8.7% |
| 1989 | 350.6 | 6,427.2 | 147.7 | 2,707.9 | 0.3% | 63.3% | 8.6% |
| 1990 | 397.4 | 7,159.3 | 207.5 | 3,738.2 | 9.3% | 60.3% | 8.0% |
| 1991 | 414.7 | 7,344.8 | 208.4 | 3,691.4 | 0.9% | 66.0% | 7.7% |
| 1992 | 449.5 | 7,831.6 | 219.2 | 3,818.8 | 6.0% | 70.1% | 7.9% |
| 1993 | 497.2 | 8,523.4 | 248.6 | 4,261.6 | 8.0% | 66.1% | 8.4% |
| 1994 | 480.1 | 8,101.2 | 179.4 | 3,026.7 | -5.5% | 104.5% | 8.0% |
| 1995 | 525.4 | 8,729.4 | 233.6 | 3,880.9 | 7.2% | 89.6% | 7.1% |
| 1996 | 572.5 | 9,368.7 | 250.5 | 4,099.2 | 7.0% | 80.2% | 6.1% |
| 1997 | 626.2 | 10,096.0 | 261.9 | 4,221.9 | 7.5% | 85.7% | 6.3% |
| 1998 | 652.8 | 10,376.8 | 275.8 | 4,384.5 | 3.1% | 84.7% | 6.4% |
| 1999 | 640.4 | 10,035.0 | 256.6 | 4,020.3 | -3.3% | 64.9% | 7.2% |
| 2000 | 700.3 | 10,819.4 | 274.3 | 4,238.0 | 6.9% | 55.0% | 6.0% |
| 2001 | 674.9 | 10,288.1 | 202.2 | 3,082.9 | -5.8% | 54.2% | 7.8% |
| 2002 | 729.6 | 10,988.4 | 240.2 | 3,617.2 | 6.4% | 45.1% | 9.8% |
| 2003 | 786.9 | 11,712.5 | 314.8 | 4,684.7 | 5.8% | 25.3% | 9.9% |
| 2004 | 887.2 | 13,045.3 | 409.1 | 6,015.7 | 9.8% | 8.6% | 9.7% |
| 2005 | 997.3 | 14,483.1 | 506.2 | 7,350.9 | 9.0% | 8.2% | 9.2% |
| 2006 | 1,099.5 | 15,768.3 | 555.1 | 7,961.1 | 6.9% | 9.6% | 8.7% |
| 2007 | 1,186.2 | 16,804.9 | 680.5 | 9,640.6 | 5.0% | 8.8% | 8.9% |
| 2008 | 1,218.8 | 17,042.0 | 770.8 | 10,778.1 | 0.8% | 10.4% | 9.8% |
| 2009 | 1,167.4 | 16,089.1 | 648.8 | 8,941.4 | -4.8% | 6.3% | 13.0% |
| 2010 | 1,281.0 | 17,376.4 | 776.6 | 10,533.5 | 8.4% | 8.6% | 11.0% |
| 2011 | 1,454.1 | 19,459.8 | 838.5 | 11,221.4 | 11.2% | 6.5% | 9.0% |
| 2012 | 1,550.7 | 20,504.4 | 880.1 | 11,637.9 | 4.8% | 8.9% | 8.3% |
| 2013 | 1,703.7 | 22,221.4 | 957.5 | 12,489.0 | 8.5% | 7.5% | 8.9% |
| 2014 | 1,860.5 | 23,945.5 | 938.5 | 12,079.3 | 4.9% | 8.9% | 9.9% |
| 2015 | 2,022.9 | 25,691.1 | 864.1 | 10,973.6 | 6.1% | 7.7% | 10.3% |
| 2016 | 2,116.2 | 26,513.6 | 869.3 | 10,891.2 | 3.3% | 7.8% | 10.9% |
| 2017 | 2,282.3 | 28,242.5 | 858.9 | 10,628.9 | 7.5% | 11.1% | 10.9% |
| 2018 | 2,406.5 | 29,345.6 | 779.7 | 9,508.0 | 3.0% | 16.3% | 10.9% |
| 2019 | 2,468.7 | 29,688.0 | 759.5 | 9,132.9 | 0.8% | 15.2% | 13.7% |
| 2020 | 2,546.9 | 30,490.5 | 720.1 | 8,612.3 | 1.9% | 12.3% | 13.1% |
| 2021 | 2,953.9 | 35,063.5 | 817.5 | 9,654.1 | 11.4% | 19.6% | 12.0% |
| 2022 | 3,009.8 | 35,293.4 | 905.8 | 10,621.4 | 5.5% | 72.3% | 10.8% |
| 2023 | 3,277.5 | 38,390.9 | 1,129.9 | 13,235.8 | 5.1% | 53.8% | 10.5% |
| Numbers below are 2024 IMF Estimates[51] | |||||||
| 2024 | 3,456.7 | 40,283.3 | 1,344.3 | 15,665.9 | 3.0% | 60.9% | 10.4% |
| 2025 | 3,614.5 | 41,913.6 | 1,455.4 | 16,876.5 | 2.7% | 32.9% | 10.4% |
| 2026 | 3,801.0 | 43,865.0 | 1,477.3 | 17,048.6 | 3.2% | 19.2% | 10.4% |
| 2027 | 4,002.5 | 45,976.9 | 1,565.5 | 17,982.6 | 3.4% | 15.9% | 10.4% |
| 2028 | 4,226.6 | 48,333.7 | 1,660.5 | 18,988.9 | 3.6% | 15.0% | 10.4% |
| 2029 | 4,471.8 | 50,917.766 | 1,764.2 | 20,088.2 | 3.8% | 15.0% | 10.4% |
As of November 2023, there are 1,086,670 registered companies based in Turkey. The sector with the highest number of companies registered in the country ismanufacturing with 241,362 companies. This is followed bywholesale trading andservices with 197,476 and 187,325 companies respectively.[52]
Agriculture is still an important sector of Turkey's economy, and the country is one of the world's top ten agricultural producers.[53] Wheat,sugar beet, milk, poultry, cotton, vegetables and fruit are major products;[54] andTurkey is the world's largestgrower of hazelnuts,[55]apricots,[54] andoregano.[56]
Half of Turkey's land is agricultural,[54] and farming employs about 15% of the workforce,[57] but under half a million farmers.[58][59] It provides about 10% of exports[60] and over 5% of gross domestic product (GDP).[61] Over 380 billionlira ofagricultural subsidy is budgeted for 2024.[62]
Despite being a major food producer, Turkey is a net wheat importer, much of it coming fromRussia andUkraine.[63] Turkey is theEuropean Union's fourth largest vegetable supplier and seventh largest fruit supplier. Turkey would like to extend theEU Customs Union Agreement to agricultural products.[64]
Around half of Turkey'sagricultural greenhouse gas is due to cattle.[c] According to theWorld Bank, the sector should adapt more toclimate change in Turkey and make technical improvements.[58] Strategic planning is the responsibility of theMinistry of Agriculture and Forestry, but no plan for 2024 onwards has yet been published.[66][67] Almost all the seeds used in Turkey are produced domestically.[68] | This section needs to beupdated. Please help update this article to reflect recent events or newly available information.(April 2019) |
Heavy industry is tending to move out of the EU due to Turkey's laxer pollution regulations and cheaper energy.[69]
Turkey'sVestel is the largest TV producer inEurope, accounting for a quarter of all TV sets manufactured and sold on the continent in 2006.[70] By January 2005, Vestel and its rival Turkish electronics and white goods brandBeko accounted for more than half of all TV sets manufactured in Europe.[71] Another Turkish electronics brand, Profilo Telra, was Europe's third-largest TV producer in 2005.[72]
Turkey is the world's fifth-largest exporter of textiles, accounting for 10% of the country's GDP and employing 750 000 people in 2018. Turkish companies made clothing exports worth $13.98 billion in 2006; more than $10.67 billion of which (76.33%) were exported to the European Union.[73]
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Theautomotive industry in Turkey, which plays an important role in themanufacturing sector of the Turkish economy, produced 1,352,648 motor vehicles in 2022,[74] ranking as the13th largest producer in the world (production peaked at 1,695,731 motor vehicles in 2017, when Turkey alsoranked 13th).[75] Turkish automotive companies likeTEMSA,Otokar andBMC are among the world's largest van, bus and truck manufacturers.Togg, or Turkey's Automobile Joint Venture Group Inc. is the first all-electric vehicle company of Turkey.[76]
The automotive industry is an important part of the economy since the late 1960s. The companies that operate in the sector are mainly located in theMarmara Region. With a cluster of car-makers and parts suppliers, the Turkish automotive sector has become an integral part of the global network of production bases, exporting over $22.94 billion worth of motor vehicles and components in 2008.[81][82]
Global car manufacturers with production plants includeFiat/Tofaş,Oyak-Renault,Hyundai,Toyota,Honda andFord/Otosan. Turkish automotive companies likeTEMSA,Otokar andBMC are among the world's largest van, bus and truck manufacturers.[citation needed]Togg is a new Turkish automotive company established in 2018 for producingEVs.[79][83] Togg's factory inGemlik,Bursa Province, was inaugurated on 29 October 2022, the 99th anniversary of the Turkish Republic.[80]
Turkey's annual auto exports, including trucks and buses, surpassed 1 million units for the first time in 2016 as foreign automakers' investment in new models and a recovery in its mainstay European market lifted shipments. According to the industry group Automotive Manufacturers Association (OSD), Turkey-based car plants exported 1.14 million units in 2016, up 15% from the year before.[84] Auto exports hit a record high for the fourth straight year. Production grew 9% year on year in 2016 to 1.48 million units, setting a new record for the second consecutive year. Nearly 80% of vehicles produced in Turkey were exported.[85]
TÜLOMSAŞ (1894),TÜVASAŞ (1951) andEUROTEM (2006) are among the major producers ofmultiple unit trains,locomotives andwagons in Turkey, includinghigh-speedEMU andDMU models.[citation needed]
Bozankaya is a Turkish manufacturer of rolling stock including metro, tram and trolleybus vehicles in Ankara.
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Turkey has many modern armament manufacturers. Annual exports reached $1.6 billion in 2014.[100]MKEK,TAI,Aselsan,Roketsan,FNSS,Nurol Makina,Otokar, andHavelsan are major manufacturers. On 11 July 2002, Turkey became a Level 3 partner of theF-35 Joint Strike Fighter (JSF) development program.TAI builds various aircraft types and models, such as theF-16 Fighting Falcon for theTurkish Air Force.[101][102] Turkey has recently launched domestically built newmilitary/intelligence satellites including a 0.8m resolution reconnaissance satellite (ProjectGöktürk-1) for use by theTurkish Armed Forces and a 2m resolution reconnaissance satellite (ProjectGöktürk-2) for use by theTurkish National Intelligence Organization.[citation needed]
Other important products include theTAI TF Kaan,TF2000-class destroyer,Milgem class corvette,Baykar MIUS Kızılelma UCAV,Baykar AkıncıHALE UCAV,Baykar Bayraktar TB2MALE UCAV,TAI Aksungur MALE UCAV,TAI Anka MALEUAV/UCAV,Aselsan İzciUGV,Altay main battle tank,T-155 Fırtına self-propelled howitzer,J-600T missile,T-129 attack helicopter,A400M,Roketsan UMTAS anti-tank missile,Roketsan Cirit laser-guided rocket,Panter howitzer,ACV-300,Otokar Cobra andAkrep,BMC Kirpi,FNSS Pars 6x6 and 8x8 APC,Nurol Ejder 6x6 APC,TOROS artillery rocket system,Bayraktar Mini UAV,ASELPOD, andSOM cruise missile.[citation needed]
Turkey ranks 8th in thelist of countries by steel production. In 2013, total steel production was 35.134 million tonnes.[103] Turkey's crude steel production reached a record high of 34.1 million tons in 2011.[104]Notable producers (above 2 million tonnes) and their ranks among top steel producing companies.[105]
Turkey boasts over 80technoparks where around 6,000 national and multinational companies engage in R&D activities.[106]TÜBİTAK is the leading agency for developing science, technology and innovation policies in Turkey.[107] TheTurkish Academy of Sciences is an autonomous scholarly society acting to promote scientific activities in Turkey.[108]TAEK is the officialnuclear energy institution of Turkey. Its objectives include academic research in nuclear energy, and the development and implementation of peaceful nuclear tools.[109]
Turkish government companies forresearch and development inmilitary technologies includeTurkish Aerospace Industries,ASELSAN,HAVELSAN,ROKETSAN,MKE, among others.Turkish Satellite Assembly, Integration and Test Center is a spacecraft production and testing facility owned by the Ministry of National Defence and operated by the Turkish Aerospace Industries. TheTurkish Space Launch System is a project to develop the satellite launch capability of Turkey. It consists of the construction of aspaceport, the development ofsatellite launch vehicles as well as the establishment of remote earth stations.[110][111][112][obsolete source]
TheTurkish construction and contracting industry is made up of a large number of businesses. In 2016 a total of 39 Turkish construction and contracting companies were listed in the Top 250 International Contractors List prepared by theEngineering News-Record.[113][114] From the beginning of the 1970s to the end of 2022, Turkish contractors have completed more than 11,605 projects in 133 countries.[115] Their business volume abroad has reached 472 billion US Dollars in 2022.[115]
As Turkey is prone to strong earthquakes, the buildings that were constructed before the post-1999 safety standards and regulations remain a major concern, with many ongoing urban redevelopment and reconstruction projects, especially in large cities. In 2019, an amnesty plan to register illegally constructed buildings for generating extra tax revenues to the government brought in $3.1 billion, but the plan was criticized for ignoring safety issues.[116] Thetwo major earthquakes on February 6, 2023, in southern Turkey have revealed that some of the recently built structures that collapsed were not constructed in accordance with the latest safety regulations.[117]
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During the 19th and early 20th centuries,Bankalar Caddesi (Banks Street) inIstanbul was the financial center of theOttoman Empire, where the headquarters of theOttoman Bank (established as theBank-ı Osmanî in 1856, and later reorganized as theBank-ı Osmanî-i Şahane in 1863)[120] and the Ottoman Stock Exchange (1866) were located.[121] Bankalar Caddesi continued to be Istanbul's main financial district until the 1990s, when most Turkish banks began moving their headquarters to the moderncentral business districts ofLevent andMaslak.[121]
Originally established as the Ottoman Stock Exchange (Dersaadet Tahvilat Borsası) in 1866, and reorganized to its current structure at the beginning of 1986, theIstanbul Stock Exchange (ISE) is the solesecurities market of Turkey.[122] In 1995, the Istanbul Stock Exchange moved to its current building in theIstinye quarter.[123] The Istanbul Gold Exchange was also established in 1995.
TheCentral Bank of the Republic of Turkey (Türkiye Cumhuriyet Merkez Bankası) was founded in 1930 as a privileged joint-stock company. The CBRT possesses the sole right to issue notes. It also has the obligation to provide for the monetary requirements of the state agricultural and commercial enterprises.
The "NewTurkish lira" (TRY) was introduced on 1 January 2005.[124] On 1 January 2009, the New Turkish lira was renamed once again as the "Turkish lira", with the introduction ofnew banknotes andcoins.
Banking came under stress beginning in October 2008, as a result of the2008 financial crisis. Turkish banking authorities warned state-run banks against the pullback of loans from the larger financial sectors.[125]
Turkey's economy resumed its growth between 2009 and 2013, which was followed by a period of stagnation and recession between 2014 and 2020. Turkey's GDP began to recover and grow again in the period between 2020 and 2024.
In 2020, the total value of assets of the banking sector in Turkey amounted to more than $800 billion.[126] As of January 2021, there were a total of 48 banks operating with 9,880 branches in Turkey and 71 branches abroad.[127] As of October 2021[update], the foreign currency deposits of the citizens and residents inTurkish banks stood at $234 billion, equivalent to around half of all deposits.[128][129] As of October 2024[update], the foreign currency reserves of theTurkish Central Bank were $85 billion, its gold reserves were $67.4 billion, while its official reserve assets stood at $159.8 billion.[130]
In 2013 there were ninety-eightairports in Turkey,[134] including 22international airports.[135] As of 2015[update],Istanbul Atatürk Airport is the11th busiest airport in the world, serving 31,833,324 passengers between January and July 2014, according toAirports Council International.[136] Thenew (third) international airport of Istanbul is planned to be the largest airport in the world, with a capacity to serve 150 million passengers per annum.[137][138][139]
The state-owned utilityTurkish State Railways operates the 12,740–km railway network,23rd longest in the world. Since 2003,Turkish State Railways has also been investing inhigh-speed rail lines, which at 2,175 km (1,353 mi) ranked ninth longest in the world.[143]
As of 2010, the country had a roadway network of 426,951 km, including 2,080 km ofexpressways and 16,784 km ofdivided highways.[144]
As of 2010, the Turkishmerchant marine included 1,199 ships (604 registered at home), ranking 7th in the world.[145] Turkey's coastline has 1,200 km of navigable waterways.[145]
In 2008, 7,555 kilometres (4,694 mi) ofnatural gas pipelines and 3,636 kilometres (2,259 mi) ofpetroleum pipelines spanned the country's territory.[145]
As of 2008, there were 17,502,000 operationallandline telephones in Turkey, which ranked 18th in the world;[145] while there were 65,824,000 registeredmobile phones in the country, which ranked 15th in the world during the same year.[145] The largest landline telephone operator isTürk Telekom, which also ownsTTNET, the largestinternet service provider in Turkey.[citation needed] The largest mobile phone operators in the country areTurkcell,Vodafone Turkey,Avea andTTNET Mobil.[citation needed]
The telecommunications liberalisation process started in 2004 after the creation of the Telecommunication Authority, and is still ongoing.[citation needed] Private sector companies operate in mobile telephony, long-distance telephony and Internet access. Additional digital exchanges are permitting a rapid increase in subscribers;[citation needed] the construction of a network of technologically advanced intercity trunk lines, using bothfiber-optic cable and digital microwave radio relay, is facilitating communication between urban centres.[145]
The remote areas of the country are reached by a domestic satellite system, while the number of subscribers to mobile-cellular telephone service is growing rapidly.[145]
The main line international telephone service is provided by theSEA-ME-WE 3 submarine communications cable and bysubmarine fiber-optic cables in theMediterranean Sea andBlack Sea that link Turkey with Italy, Greece, Israel, Bulgaria, Romania, and Russia.[145] In 2002, there were 12Intelsat satellite earth stations; and 328 mobile satellite terminals in theInmarsat andEutelsat systems.[145]
Türksat A.Ş. is the primarycommunications satellite operator of Turkey, controlling theTurksat series of satellites.Göktürk-1,Göktürk-2 andGöktürk-3 are Turkey'searth observation satellites forreconnaissance, operated by theTurkish Ministry of National Defense.BILSAT-1 andRASAT are the scientific observation satellites operated by theTÜBİTAK Space Technologies Research Institute, which (together withTurkish Aerospace Industries andAselsan) also takes part in the production of Turkey's satellites.[citation needed]
As of 2001, there were 16 AM, 107 FM, and 6 shortwave radio stations in the country.[145][needs update]
As of 2015, there were 42,275,017internet users in Turkey, which ranked 15th in the world;[145] while as of 2012, there were 7,093,000internet hosts in the country, which ranked 16th in the world.[145]
In 2023, Turkey was thefifth most visited destination in the world, with 55.2 million foreign tourists visiting the country.[146][147] In 2019, Turkeyranked sixth in the world in terms of the number of international tourist arrivals, with 51.2 million foreign visitors.[148]
Over the years, Turkey has emerged as a popular tourist destination for many Europeans, competing with other Mediterranean countries such asGreece,Italy andSpain. Resorts in provinces such asAntalya andMuğla (which are located on theTurkish Riviera) have become very popular among tourists.[149]
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There are numerous private hospitals in Turkey, which has benefited from medical tourism in recent years. Health tourism generated revenues worth $1 billion in 2019 for Turkey's economy.[150] A total of 662,087 patients were treated at Turkish hospitals in 2019 within the scope of health tourism, with around 60% of the income being obtained from plastic surgeries.[150]
In 2024, ten publicly traded Turkish companies were listed in theForbes Global 2000 list – an annual ranking of the top 2000 public companies in the world byForbes magazine.[151] The banking industry leads with four companies in the list followed by the airline, automotive and retailer with one company each. There are also three conglomerates. As of 2024, the listed public companies were:
| World Rank | Company | Industry | Revenue (billion $) | Profits (billion $) | Assets (billion $) | Market Value (billion $) |
|---|---|---|---|---|---|---|
| 309 | Koç Holding | Conglomerate | 67.36 | 3.03 | 96.8 | 19.27 |
| 525 | İş Bankası | Banking | 17.6 | 3.03 | 100.05 | 11.49 |
| 539 | Turkish Airlines | Airline | 21.17 | 6.84 | 35.55 | 13.81 |
| 666 | Akbank | Banking | 14.7 | 2.57 | 64.06 | 10.15 |
| 759 | VakıfBank | Banking | 16.34 | 1.33 | 96.81 | 6.59 |
| 878 | Sabancı Holding | Conglomerate | 23.13 | 0.64 | 74.23 | 6.64 |
| 893 | Ford Otosan | Automotive Industry | 17.29 | 2.06 | 7.35 | 13.15 |
| 957 | Halkbank | Banking | 15.81 | 0.65 | 77.98 | 3.9 |
| 1384 | Anadolu Grubu | Conglomerate | 15.77 | 0.82 | 13.27 | 2.78 |
| 1446 | BIM | Retailer | 13.79 | 0.64 | 5.02 | 9.02 |
The following "OECD Long Term Projections" table was published in February 2022 for the 16 largest economies by GDP using PPP exchange rates from 2030 to 2060.[152]
| Country | 2021 | Country | 2030 | Country | 2040 | Country | 2050 | Country | 2060 |
|---|---|---|---|---|---|---|---|---|---|
 China | 26,656 | China | 36,977 | China | 47,306 | China | 54,765 | China | 62,140 |
 United States | 22,675 | United States | 24,302 | United States | 28,063 |  India | 33,363 | India | 42,204 |
| India | 10,181 | India | 16,603 | India | 25,083 | United States | 32,119 | United States | 36,527 |
 Japan | 5,585 | Japan | 5,632 |  Indonesia | 7,507 | Indonesia | 9,846 | Indonesia | 12,320 |
 Germany | 4,743 | Indonesia | 5,309 | Japan | 5,908 | Japan | 6,060 | Turkey | 7,068 |
 Russia | 4,328 | Germany | 4,566 | Germany | 4,914 | Turkey | 5,934 | Japan | 6,333 |
| Indonesia | 3,507 | Russia | 4,233 | Turkey | 4,776 | Germany | 5,362 | Germany | 5,891 |
 Brazil | 3,328 | Brazil | 3,759 | Russia | 4,624 | Brazil | 5,168 | Brazil | 5,746 |
 France | 3,231 | Turkey | 3,653 | Brazil | 4,492 | Russia | 4,882 |  Mexico | 5,407 |
 United Kingdom | 3,174 | United Kingdom | 3,375 | Mexico | 3,832 | Mexico | 4,620 | Russia | 5,340 |
| Turkey | 2,749 | France | 3,267 | United Kingdom | 3,800 | United Kingdom | 4,249 | United Kingdom | 4,768 |
| Mexico | 2,613 | Mexico | 3,073 | France | 3,679 | France | 4,148 | France | 4,736 |
 Italy | 2,610 |  South Korea | 2,675 | South Korea | 2,866 | Italy | 2,959 | Italy | 3,366 |
| South Korea | 2,436 | Italy | 2,499 | Italy | 2,692 | South Korea | 2,880 |  Australia | 3,104 |
 Canada | 2,027 |  Spain | 2,094 | Canada | 2,370 |  Saudi Arabia | 2,698 | Saudi Arabia | 3,066 |
| Spain | 1,959 | Canada | 2,062 | Saudi Arabia | 2,362 | Canada | 2,694 | Canada | 3,046 |
As of 2016, the main trading partners of Turkey are the European Union,Russia, theUnited Kingdom, the UAE, Iraq, and China, many being top in both export as well as import.[153] Turkey has taken advantage of acustoms union with the EU, signed in 1995, to increase industrial production for exports, while benefiting from EU-origin foreign investment into the country.[154] In addition to the European-Turkish Customs Union, the Turkish government has signedfree-trade agreements with 22 countries.[155]
A very large aspect of Turkey trade revolves around the automotive industry, where its top exports are cars, accounting for $13.2 billion. Other top exports from the country are gold, delivery trucks, vehicle parts and jewelry, which are respectively, $6.96 billion, $5.04 billion, $4.64 billion, and $3.39 billion. These values are calculated using the 1992 revision of the Harmonized System classification. Comparatively, it imports many of the same industries, such as, gold valued at $17.1 billion, refined petroleum at $9.8 billion, cars at $8.78 billion, vehicle parts at $6.34 billion and scrap iron at $5.84 billion.[156]
The construction and contracting companies, such asEnka,Rönesans Holding andTekfen, have been significant players in the country's economy.[157] As theTurkish emissions trading system has not yet been legislated the country has nocarbon price, so large exporters to the European Union will have to pay theEU Carbon Border Adjustment Mechanism from 1 January 2026.[158]
Turkey had many improvements in theease of doing business index. Its rank increased from 68th in 2017 to 33rd in 2020. As of 2021, it was performing better than countries like the Netherlands and Belgium.[159][160][161][vague]
| Year | 1975 | 1980 | 1985 | 1990 | 1995 | 2000 | 2005 | 2010 | 2015 | 2020 | 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Goods exports, billion US$ | 1.5 | 2.9 | 8.3 | 13.0 | 22.0 | 30.9 | 78.5 | 121.0 | 154.9 | 168.4 | 251.0 |
| Goods imports, billion US$ | 4.5 | 7.5 | 11.2 | 22.5 | 35.1 | 52.9 | 111.4 | 177.3 | 203.9 | 206.3 | 337.3 |
| Net trade, billion US$ | −3.0 | −4.6 | −2.9 | −9.5 | −13.1 | −22.0 | −32.9 | −56.3 | −49.0 | −37.9 | −86.3 |
Turkey's energy trade deficit was overUS$80 billion in 2022,[167] causing a large foreign trade deficit.[168] Europe supports energy efficiency and renewable energy via the €1 billion Mid-size Sustainable Energy Financing Facility (MidSEFF) to finance investments in these areas.[169][170]Energy subsidies amounted to 200 billion lira in 2021.[171] Up to 150kWh per month of free electricity is provided to two million poor families.[172]
Fatih Birol, the head of theInternational Energy Agency said in 2019 that, because of its falling price, the focus should be on maximizing onshore wind power in Turkey.[173] The economics of coal power has been modelled byCarbon Tracker.[174] They estimate that fornew plants both wind and solar is already cheaper than coal power.[175] And they forecast thatexisting coal plants will be more expensive thannew solar by 2023 andnew wind by 2027.[175]
Most energy deals in 2019 were for renewables, and over half the investment in these was from outside the country.[176] Theexternal costs of fossil fuel consumption in 2018 has been estimated as 1.5% of GDP.[177] The government sets the price of residential gas and electricity,[178] and as of 2018[update], for residential consumers, "high cost is the most important problem of Turkey's energy system".[179]
In 2022, the energy import bill was 97 billion USD. Keeping consumer prices low is a political priority.[167] In 2024,Shura estimated the costs ofmoving to clean energy at about half the benefits, which are mostly due to reducedair pollution andcarbon emissions.[180]
Renewables supply a quarter ofenergy in Turkey, includingheat andelectricity. Some houses have rooftopsolar water heating, andhot water from underground warms many spas and greenhouses. In parts of the west hot rocks are shallow enough to generate electricity as well as heat. Wind turbines, also mainly near western cities and industry, generate a tenth of Turkey’s electricity.Hydropower, mostly from dams in the east, is the only modern renewable energy which is fully exploited. Hydropower averages about a fifth of the country's electricity, but much less indrought years.[181] Apart from wind and hydro, other renewables; such as geothermal,solar andbiogas; together generated almost a tenth of Turkey’s electricity in 2022.[182] Over half the installed capacity for electricity generation is renewables.[183]: section 4.2.1
Turkey has a long history of wood burning,windmills, and bathing inhot springs. Many dams were built from the mid-20th to early 21st century, but some say that governments have not allowed civil society enough influence onenergy policy, leading to protests against building dams, geothermal power plants, and at least one wind farm.[184] DespiteTurkey’s sunny climate solar power is underdeveloped. As the electricity system is already flexible increasing to 70% renewables is easily feasible.[185]: 21 Solar power could be expanded more quickly if theelectricity grid was improved faster and energy policy revised, especially by abolishingfossil fuel subsidies.
Manyhybrid power plants are planned, andbatteries are being integrated. Companies with a lot of renewables includethe state electricity generation company (mainly hydro),Aydem, andKalyon. If renewables could helpphase-out coal by 2030, instead of by the nationalnet zerogreenhouse gas emissions target year of 2053, that would have significanthealth benefits and reduceinflation in Turkey.[186] As of 2022 renewables are not sufficient to meet that target year.[187] Variouselectric vehicles are being manufactured, which will use some of the increased renewable generation and help reduceair pollution. As of 2024, renewables made up 44% of Turkey's electrical power production, consisting of 22% hydro, 8% solar, 11% wind, and 3% other.[188] They are important for the country’senergy security.[189]
Natural gas supplies over a quarter ofTurkey's energy.[191][192] The country consumes 50 to 60 billion cubic metres of natural gas each year,[193][194] nearly all of which is imported. Alarge gas field in the Black Sea started production in 2023.[195]
After the2022 Russian invasion of Ukraine began, several European countriesstopped buying Russian oil or gas, butTurkey's relations with Russia are good enough that it continues to buy both.[196][197] Turkey receives almost half of its gas fromRussia.[194] As of 2023[update] wholesale gas is expensive and a large part of the import bill.
Households buy the most gas, followed by industry and power stations.[198] Over 80% of the population has access to gas,[199] and it supplies half the country's heating requirements.[193] As the state-owned oil and gas wholesalerBOTAŞ has 80% of the gas market,[191]: 16 the government can and does subsidize residential and industrial gas consumers.[200] All industrial and commercial customers, and households using more than a certain amount of gas, can switch suppliers.[191]
Oil supplies over a quarter ofTurkey's energy.[201][202] Because the country produces very little oil,[203] it is almost completely dependent on imports of oil and oil products such aspetrol anddiesel,[204] over half of which is consumed inthe country's road vehicles.[205] Turkey is the world's largest user ofliquefied petroleum gas (LPG) for road transport.[206]
Because Turkey produces only 7% of the oil it consumes, the country's totalimports are worth more than its exports, which is a problem for its economy.[207] After the2022 Russian invasion of Ukraine began, several European countries stopped buyingRussian oil, petrol and diesel butTurkey's relations with Russia are such that it supplies most such imports.[208][209][210]
Coal supplies a quarter ofTurkey's primary energy,[211] and the country is one of the largest consumers in the world.[212] The heavilysubsidised coal industry generates over a third of thecountry's electricity[213] and emits a third ofTurkey's greenhouse gases.
Coal is a major contributor toair pollution, and damageshealth across the nation, being burnt even in homes and cities.[214] Most coal is burnt in power stations, and it is estimated that a phase out ofcoal power in Turkey by 2030 instead of by the 2050s would save over 100 thousand lives.[215]Flue gas emission limits are in place, but data from mandatory reporting is not made public.
Over 90% of coal mined in Turkey islignite (brown coal),[211] which is more polluting than other types of coal.[216]Turkey's energy policy encourages mining lignite forcoal-fired power stations in order to reducegas imports;[213] and coal supplies over 40% of domestic energy production.[217] Coal burning peaked in 2018,[218] and mining in 2022 at about 100 million tonnes.[218] Most coal is imported,[219][220] as in contrast to local lignite production, Turkey imports most of itsbituminous coal fromRussia.[221] The largest coalfield in Turkey isElbistan.[222] Turkey is bidding to host the2026 United Nations Climate Change Conference, in which getting agreement oncoal phase-out will be very important.[223]
In 2019, the country was the world's 2nd largest producer ofchromium;[224] the largest producer ofboron;[225] 6th largest producer ofantimony;[226] 9th largest producer oflead;[227] 13th largest producer ofiron ore;[228] 11th largest producer ofmolybdenum;[229] 4th largest producer ofgypsum;[230] 15th largest producer ofgraphite;[231] in addition to being the 11th largest producer ofsalt.[232]
As a gold producer Turkey is currently ranked 22nd globally. Hosting some of the largest gold deposits on the European continent it is currently Europe's largest gold producer, producing 42 tonnes of gold in 2020.[233] World class deposits includeKisladag Mine 17Moz andCopler 10Moz.[citation needed]
Almost all "post-COVID" stimulus was detrimental to the environment, with Russia being the only worse country.[234] In the 21st century, Turkey's fossil fuel subsidies are around 0.2% of GDP,[235][236] including at least US$14 billion (US$169 per person) between January 2020 and September 2021.[237] Data on finance for fossil fuels by state-owned banks andexport credit agencies is not public.[238]
As of 2023 fossil gas is subsidized more than electricity - equalizing the subsidies would benefit the environment.[239]
![[icon]](/mt/?noimg=&dark=on&url=https%3a%2f%2fen.wikipedia.org%2fwiki%2fFile%3aWiki_letter_w_cropped.svg) | This sectionneeds expansion. You can help byadding to it.(November 2021) |
The minimum wage in Turkey is₺ 22,104 (US$ 630.36) as of January 1, 2025.[240][241]
TurkStat estimated unemployment at 9.4% in 2023. The province with the highest unemployment rate wasHakkari at 23.3% and the province with the lowest unemployment rate wasSinop at 4.8%.[242]
In 2021, trade unions complained that according to TurkStat data the unemployment rate was falling, whereas the data provided by the government's Employment Agency (İŞKUR) showed that it was rising.[243][needs update?] Environmentalists argue that some actions to improve the environment would also benefit the economy. For example, investing inwind power in Turkey andsolar power in Turkey would create jobs and is competitive with fossil fuels.[244]
Turkey made steady progress in reducingpoverty from the early 2000s to the mid-2010s, after which the trend levelled off.[245][246][vague] In 2022,social security expenditure stood at 12.4% of GDP according to OECD data.[247]
According toEurostat data, Turkish GDP per capita adjusted bypurchasing power standards stood at 64 percent of the EU average in 2018.[248]Istanbul has the largest GDP, whileKocaeli comes first in GDP per capita.[249]
The country's wealth is mainly concentrated in the northwest and west, while the east and southeast suffer from poverty, lower economic production and higher levels of unemployment.[250] However, in line with the rapid growth of Turkey's GDP during the first two decades of the 21st century (with brief periods of stagnation and recession), parts ofAnatolia began reaching a higher economic standard. These cities are known as theAnatolian Tigers.[251]
Richest and poorest NUTS-2 regions (GDP PPP 2022)[edit]
Source: Eurostat – ESA[252][253] | Richest and poorest NUTS-1 regions (GDP PPP 2022)[edit]
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{{cite web}}: CS1 maint: numeric names: authors list (link)the share of the renewables is almost 40%
Homes and businesses in many Turkish cities burn coal, including the cheap and highly polluting lignite, to produce energy for heating and other purposes.
