Indicators of economy in Turkey

Impact of the COVID-19 pandemic

The consequences of the COVID pandemic were not insignificant in Turkey 2020. Overall, gross domestic product in 2020 fell from 759.94 billion US dollars to 720.29 billion US dollars. With a drop of 5.2 percent, the economy in Turkey suffered more significant losses than other countries. The tourism sector alone slumped by around 67 percent. Fortunately, the unemployment rate actually fell from 13.7 to 13.1 percent. The country's gross debt increased by 12.9 percent. The inflation rate fell from 15.2 percent previously to 12.3 percent by the end of 2020.

In 2021, there was already a recovery and the gross domestic product increased to 819.04 billion US dollars (=107.8% of 2019).

Income and purchasing power

The average monthly income in Turkey is 825 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 80.7 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Turkey than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 27.6 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2022

Economic performance 2021

In the Global Innovation Index, Turkey ranked 37th in 2022 with 38.1 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points. Out of the 2,000 largest listed companies in the world, 9 originate from Turkey. This is determined annually in the Forbes Global 2000 list. The 9 largest companies in the country in 2022 were:

Rank 626: Koç Holding (Istanbul)
Rank 884: Isbank (Istanbul)
Rank 902: Sabanci Holding (Istanbul)
Rank 1224: Turkish Airlines (Istanbul)
Rank 1262: Akbank (Istanbul)
Rank 1353: Halkbank (Istanbul)
Rank 1381: VakifBank (Istanbul)
Rank 1478: Erdemir (Istanbul)
Rank 1793: Ford Otosan (Istanbul)

Development of gross domestic product in billions of USD 1960 - 2021

Household debt and deficits 2021

Imports and Exports 2022

Development of imports and exports in billions of USD 1974 - 2022