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Indicators of economy in Turkey

The essential economic performance of a country is reflected by the gross domestic product. So the total of all goods and services sold. Worldwide gross domestic product in 2020 was at about 10.915 US Dollar per capita. In contrast, the GDP in Turkey reached 8.536 US dollars per inhabitant, or 719.95 bn US Dollar in 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 into account the purchasing power parity, then Turkey is in the list of the world's richest countries in place 54.

Inflation in Turkey was in 2021 at around 19.60%. Within the EU, the average in the same year was 2.62%. In the United States, it was most recently 4.70%.

Compared with the USA, prices for daily consumer goods are around 70.7% lower.
The Corruption Perceptions Index for the public sector counts 67 and is compared to other countries moderate.


Back to overview: Turkey

Impact of the Covid-19 pandemic in 2020

The consequences of the Covid pandemic were not insignificant in Turkey 2020. Overall, gross domestic product in 2020 fell from 761.00 billion US Dollar auf 719.95 billion US Dollar. With a drop of 5.4 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 has fallen from 15.2 percent previously to 12.3 percent by the end of 2020.

Unemployment rates in percent 1991 - 2021

Economic performance 2020

 Turkey
Total
Turkey
per capita
EU
Total
EU
per capita
GDP719.95 bn USD8,536.43 USD15,291.93 tn USD29,692.11 USD
Gross national product763.14 bn USD9,048.51 USD15,330.84 tn USD29,767.66 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. 9 of the 2000 largest listed companies in the world originate from Turkey. This is determined annually in the Forbes Global 2000 list. The 9 largest companies in the country were in 2021:

Rank 589: Koç Holding (Istanbul)
Rank 673: Isbank (Istanbul)
Rank 804: VakifBank (Istanbul)
Rank 871: Garanti Bank (Istanbul)
Rank 891: Sabanci Holding (Istanbul)
Rank 971: Halkbank (Istanbul)
Rank 1006: Akbank (Istanbul)
Rank 1766: Ford Otosan (Istanbul)
Rank 1938: Turkish Airlines (Istanbul)

Development of the Gross domestic product in billion US Dollar 1960 - 2020


Household debt and deficits 2010


 Turkey
Total
Turkey
per capita
EU
Total
EU
per capita
Gross debt298.42 bn USD3,538.37 USD15,068.26 tn USD29,257.82 USD
Budget deficit19.04 bn USD225.78 USD799.24 bn USD1,551.87 USD


Im- and Exports 2021

 Turkey
Total
Turkey
per capita
EU
Total
EU
per capita
Imports230.14 bn USD2,728.76 USD7,340.01 bn USD14,251.98 USD
Exports203.82 bn USD2,416.63 USD7,939.04 bn USD15,415.11 USD


Development of imports and exports in billion US dollars 1974 - 2021

Exports
Imports



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