Ranking of Economies by GDP at PPP*
The Turkish economy posted record growth and climbed from 18th place to 11th globally from 2003 to 2020.
Source: IMF WEO, October 2021
*PPP: Purchasing Power Parity
Average Annual GDP Growth (%, 2003-2020)
Turkey has outpaced its peer economies, and the growth momentum is set to continue in the coming years.
Source: IMF WEO
Real GDP Growth (Index: 2002=100)
Gross Public Debt Stock as % of GDP
Adhering to prudent fiscal discipline, Turkey drastically diminished the public debt stock from above 70 percent in 2002 down to around 38 percent in 2020.
Source: Eurostat, Ministry of Treasury and Finance, IMF WEO
Budget Balance as % of GDP
The positive effect of the fiscal discipline has been reflected as a noticeably diminished deficit in Turkey’s budget balance during the past 19 years.
Source: Eurostat, Ministry of Treasury and Finance, IMF WEO
Annual Inflation
The soaring inflation rates and accompanying high volatility of previous decades have been reined in and kept under control since 2003.
Source: TurkStat, OECD
Turkish Economy (GDP at current prices, USD billion)
Over the past 19 years, Turkey has put in a noteworthy performance by increasing the size of its overall economy from USD 236 billion in 2002 to USD 717 billion in 2020.
Source: TurkStat
Contribution to GDP Growth (%, 2002-2020)
Turkey’s economic growth over the past 19 years has been driven by a robust domestic market and an entrepreneurial private sector that combined have spurred investments and exports.
Source: TurkStat
Employment Creation (2009-2019)
Turkey successfully generated approximately 6.8 million new jobs during the 2009-2019 period.
Source: OECD
Exports of Goods in Turkey and the World
With an eye-catching 9 percent average annual growth in exports, Turkey has outpaced the world performance and increased its export volume from USD 36 billion to USD 170 billion over the past 19 years.
Source: TurkStat, International Trade Centre (ITC)
Turkey: 9% CAGR; World: 5.7% CAGR
Turkey’s Share in Global Exports of Goods
In line with its remarkable performance, Turkey’s share in global exports has increased from less than 0.6 percent in 2002 to close to 1 percent in 2020.
Source: ITC
Turkey’s Exports by Destination
Turkey has grown its overall export volume from USD 36 billion in 2002 to USD 169 billion in 2020 and has achieved significant export diversification both in terms of export destinations and products.
Source: TurkStat
Number of Export Products over USD 1 Billion
Source: TurkStat
Income per capita (GDP per capita, current prices)
Turkey’s performance in economic development saw its income per capita increase from USD 3,581 in 2002 to USD 8,599 in 2020.
Source: TurkStat
GDP per capita in Countries with Population over 50 Million – 2020
Turkey is the 10th largest economy in terms of GDP per capita among countries with population over 50 million.
Source: IMF WEO
Stock of Automobiles (millions of passenger cars)
Turkey’s economic growth has paved the way for emergence of a sizeable middle-class with an increasing purchasing power.
Source: TurkStat
Urbanization
More than 24 urban centers, each with populations of over 1 million, support Turkey’s thriving domestic market through their production of goods and services. In terms of population, Istanbul is the largest city in Europe.
Source: TurkStat
Access to Markets
Source: Eurostat, World Bank; population as of 2020, Ministry of Trade, TurkStat
- 85.7 million broadband internet subscribers in 2021-Q2, up from 0.1 million in 2002 (ICTA)
- 84.6 million mobile phone subscribers in 2021-Q2, up from 23 million in 2002 (ICTA)
- 82.8 million total number of credit cards in 2021, up from 16 million in 2002 (Interbank Card Center)
- 209 million airline passengers in 2019, up from 33 million in 2002 (General Directorate of State Airports Authority)
- 51.9 million international tourist arrivals in 2019, up from 13 million in 2002 (TurkStat)
Turkey has a global market access at the nexus of Europe, Asia and Africa, thus creating an efficient and cost-effective hub to major markets.
- Close proximity to major markets
Turkey offers easy access to 1.3 billion people and a combined market worth of USD 26 trillion GDP in Europe, MENA, and Central Asia within a 4-hour flight radius.
- Same day reachability of key markets
Turkey’s strategic location enables easy reach to markets across 16 different time zones, from Tokyo to New York.
Turkish Airlines connects 323 destinations in 127 countries.
Multinationals are increasingly choosing Turkey as a preferred hub for manufacturing, exports, as well as management.
Toyota
Exports over 85% of its Production in Turkey.
Ford
Exports 77% of its Production in Turkey.
Nestle
Uses Turkey as a production base for MENA region.
Boss
Has its largest production facility globally in Turkey.
Turkey also serves as a management hub for several multinational companies.
The young and well-educated population of Turkey is a great asset as investors are facing considerable challenges elsewhere in Europe with ageing and shrinking populations.
Turkey offers excellent opportunities with its growing, young, and dynamic population – the driving force behind a strong labor pool and a lucrative domestic market.
Turkey’s population was registered as 83.6 million in 2020. It is expected to reach 86.9 million by 2023, and 100.3 million by 2040, according to the Turkish Statistical Institute (TurkStat). The population is projected to maintain its growth momentum until 2069, when it will peak at 107.6 million.
Population Projections (2020-2080, million)
Source: TurkStat
Turkey, with half of its population under the age of 32.7 in 2020, has the largest youth population among the EU member countries.
Population-Age Group Pyramid (2020)
Source: TurkStat
Over the past decade, Turkey’s age-dependency ratio has maintained its downward trend, allowing more flexibility in government expenditure on healthcare, social security, and education.
Age Dependency Ratio by Region (2020, % of working-age population)
Source: World Bank
Age Dependency Ratio by Countries (2020, % of working-age population)
Source: World Bank
Turkey’s overall labor force is around 33.3 million people, which makes the country the 3rd largest labor force in Europe.
Turkey’s young population is an important contributor to labor force growth and has boosted the country’s rank over peer countries. Turkey has posted the largest labor force growth among the EU countries.
Labor Force (2020)
Source: OECD, World Bank, TurkStat
Annual Average Increase in Labor Productivity (%)
A rapid expansion in the number of universities has allowed Turkey to have more university graduates, enabling Turkey to transform its young population and large labor force into a skilled workforce.
- More than 8 million students are enrolled in higher education currently
- Over 900,000 university graduates annually
- World-class engineering education
Number of Universities and University Graduates
Source: CoHE
Availability of Skilled Labor (2021)
Source: IMD, IMD World Competitiveness Executive Opinion Survey based on an index from 0 to 10
Competent Senior Managers (2021)
Source: IMD, IMD World Competitiveness Executive Opinion Survey based on an index from 0 to 10
Qualified Engineers (2021)
Source: IMD, IMD World Competitiveness Executive Opinion Survey based on an index from 0 to 10
