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Indicators of economy in Turkey

The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,230 USD per capita. GDP in Turkey, on the other hand, reached USD 9,661 per capita, or 819.04 billion USD for the whole country. Turkey is therefore one of the world's largest economies and is currently at rank 19. If this is calculated per inhabitant, taking purchasing power parity into account, then Turkey ranks 55th in the list of the richest countries.

Inflation in Turkey in 2021 was around 19.60%. Within the EU, the average in the same year was 2.55 percent. In the United States, it was most recently 4.70%.

Compared with the USA, prices for daily consumer goods are around 65.6 percent lower.
The index for perceived corruption in the public sector is 36, which is below average by global standards.


Back to overview: 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 inflation rate fell from 15.2 percent previously to 12.3 percent by the end of 2020.

Unemployment rates in percentages 1991 - 2021

Economic performance 2021

 Turkey
Total
Turkey
per capita
EU
Total
EU
per capita
GDP819.04 bn USD9,661.24 USD17.177 tn USD33,384.92 USD
Gross national product839.64 bn USD9,904.34 USD16.895 tn USD32,835.37 USD


Turkey ranked 33rd in the Bloomberg Innovation Index in 2021. The index is calculated annually and most recently included 60 countries. The front-runner was South Korea. 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 2010


 Turkey
Total
Turkey
per capita
EU
Total
EU
per capita
Gross debt298.42 bn USD3,520.16 USD15.068 tn USD29,285.70 USD
Budget deficit19.04 bn USD224.61 USD799.24 bn USD1,553.35 USD


Imports and Exports 2021

 Turkey
Total
Turkey
per capita
EU
Total
EU
per capita
Imports230.14 bn USD2,714.71 USD8.916 tn USD17,329.02 USD
Exports203.82 bn USD2,404.19 USD9.554 tn USD18,569.19 USD


Development of imports and exports in billions of USD 1974 - 2021

Exports
Imports



Turkey: AirportsLargest airports and airlines in TurkeyThe 30 biggest airports and 6 airlines in Turkey with further information and data with further information on airlines and destinations
Turkey: Public HolidaysPublic holidays in Turkey 2023-2027Statutory and inofficial holidays in Turkey for 2023 to 2027
Pariah StatesList of the 11 current Pariah States11 countries, that suffer from the sanctions of the international community because of their mostly autocratic government.