The main economic performance of a country can be seen from its gross domestic product. In other words, the total quantity of all goods and services sold within Turkey minus intermediate consumption. Worldwide gross domestic product in 2023 was at about 13,133 USD per capita. GDP in Turkey, on the other hand, reached USD 12,986 per capita, or 1.108 trillion 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 is in the list of the world's richest countries in place 49.
Inflation in Turkey in 2023 was around 53.86%. Within the EU, the average in the same year was 6.30 percent. In the United States, it was most recently 4.12%.
The index for perceived corruption in the public sector is 34, which is below average by global standards.
Back to overview: Turkey
Income and purchasing power
The average monthly income in Turkey is 971 US Dollar per capita. In the USA, the figure is 6,692 US Dollar. However, the prices of consumer goods are also around 69.2 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 52.9 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.
The income tax payable in Turkey on all income is comparatively low compared to other OECD countries. A married couple with 2 children and normal average income pays on average 8.8% income tax. The total tax burden including social security contributions but excluding employer contributions is 23.8%. The top tax rate is 40.8 percent. Please also read our country comparison of income tax.
Economic performance 2023
| Indicator | Turkey Total | Turkey per capita | EU Total | EU per capita |
|---|---|---|---|---|
| GDP | 1.108 tn USD | 12,985.75 USD | 18.349 tn USD | 35,435.37 USD |
| Gross national product | 994.01 bn USD | 11,649.58 USD | 18.127 tn USD | 35,005.42 USD |
In the Global Innovation Index, Turkey ranked 39th in 2023 with 38.6 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 129 countries. The top country was Switzerland with 67.6 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 2023 were:
| Rank | Company | City | Employees | Revenues | Market value |
|---|---|---|---|---|---|
| #394 | Koç Holding | Istanbul | 114,677 | 54.65 bn US$ | 9.85 bn US$ |
| #676 | Turkish Airlines | Istanbul | 40,264 | 19.68 bn US$ | 8.88 bn US$ |
| #697 | Isbank | Istanbul | 22,802 | 17.01 bn US$ | 5.46 bn US$ |
| #712 | Sabanci Holding | Istanbul | 67,375 | 14.57 bn US$ | 3.91 bn US$ |
| #1034 | Akbank | Istanbul | 12,606 | 7.39 bn US$ | 4.07 bn US$ |
| #1193 | VakifBank | Istanbul | 8.49 bn US$ | 4.02 bn US$ | |
| #1229 | Ford Otosan | Istanbul | 20,911 | 11.80 bn US$ | 9.30 bn US$ |
| #1360 | Halkbank | Istanbul | 9.43 bn US$ | 3.66 bn US$ | |
| #1968 | Sasa Polyester Sanayi | Adana | 4,743 | 1.87 bn US$ | 11.24 bn US$ |
Development of gross domestic product in billions of USD 1960 - 2023
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 761.01 billion US dollars to 720.34 billion US dollars. With a drop of 5.3 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 12.8 percent. The inflation rate fell from 15.2 percent previously to 12.3 percent by the end of 2020.
There was already a recovery in 2021 and gross domestic product rose to 819.87 billion (=107.7% of 2019).
Largest economic sectors
- Textiles
- Food processing
- Automobiles
- Electronics
- Mining (coal, chromate, copper and boron)
- Steel
- Petroleum
- Construction
- Lumber and paper
Imports and Exports 2023
| Indicator | Turkey Total | Turkey per capita | EU Total | EU per capita |
|---|---|---|---|---|
| Imports | 386.83 bn USD | 4,533.53 USD | 9.004 tn USD | 17,388.48 USD |
| Exports | 352.51 bn USD | 4,131.38 USD | 9.712 tn USD | 18,754.39 USD |
Development of imports and exports in billions of USD 1974 - 2023
Exports
Imports
Household debt and deficits 2023
| Indicator | Turkey Total | Turkey per capita | EU Total | EU per capita |
|---|---|---|---|---|
| Budget deficit | 19.04 bn USD | 223.17 USD | 642.28 bn USD | 1,240.33 USD |
› Debt budget development
› Development of inflation
› Corruption in Turkey
› Cost of living in a global comparison
Unemployment rates in percentages 1991 - 2023
The unemployment rates according to the ILOSTAT estimates used here do not always correspond to the official government figures. Instead, they are based on a harmonized procedure to compensate for different unemployment criteria and make them comparable across countries. Further information and an international comparison can be found here.
