Economy of Turkey

File:EU and Turkey Locator Map.png

After becoming one of the early members of the Council of Europe in 1950, Turkey became an associate member of the EEC in 1963, joined the EU Customs Union in 1995 and started full membership negotiations with the European Union in 2005.<ref name="TR_EUChrono">Template:Cite web</ref><ref name="barroso">Template:Cite web</ref>

The economy of Turkey is an emerging free-market economy.<ref>Template:Cite web</ref> It ranked as the 16th-largest in the world and 7th-largest in Europe by nominal GDP in 2025.<ref name="IMF.TR"/> It also ranked as the 12th-largest in the world and 5th-largest in Europe by PPP in 2025.<ref name="IMF.TR"/> Turkey's rapid economic growth since the 2000s was stranded by the economic crisis in 2018, but it began to recover in 2021.<ref name="IMF.TR"/><ref name="IMF.TR-Datamapper"/> Turkey's USD-based nominal GDP per capita and GDP-PPP per capita have eventually reached their all-time peak values in 2024.<ref name="IMF.TR"/><ref name="IMF.TR-Datamapper"/><ref>Template:Cite web</ref>

Turkey is a founding member of the OECD and G20. Ratified in 1995, the European Union–Turkey Customs Union has established a free trade area between Turkey and the European Union, which has increased bilateral foreign trade, investment and economic activity.<ref>Template:Cite web</ref>

As the fifth most visited destination in the world,<ref name="UNWTO-20232">Template:Cite web</ref> Turkey has a large tourism industry, which accounted for 12% of the country's total GDP in 2023.<ref>Template:Cite web</ref> First established in 2000, many technoparks were pioneered by Turkish universities, now hosting over 1,600 R&D centers that drew investment by both domestic and international corporations.<ref>Template:Cite web</ref> Turkey is also among the world's leading producers of motor vehicles, consumer electronics, home appliances and defense products. In 2021, the country was ranked eighth in the world in the technology rankings of the Economic Complexity Index.<ref>Template:Cite web</ref>

In the first quarter of the 21st century, there have been major developments in the financial and social aspects of Turkey's economy, such as increases in employment and average income since 2000.<ref name="Overview">Template:Cite web</ref> A period of strong economic growth between 2002 and 2013 (except for 2009 due to the 2008 financial crisis)<ref name="2002-2024">Template:Cite web</ref> was followed by a period of stagnation and recession in terms of USD-based nominal GDP figures between 2014 and 2020,<ref name="2002-2024"/> especially during the 2018 Turkish currency and debt crisis; even though Turkey's USD-based GDP-PPP and TL-based nominal GDP have continued to grow in this period.<ref name="2002-2024"/> Since 2021, there has been a steady recovery and rapid growth in Turkey's USD-based nominal GDP and GDP-PPP figures,<ref name="IMF.TR"/><ref name="IMF.TR-Datamapper"/> which have reached their all-time highest values in both 2023 and 2024.<ref name="IMF.TR"/><ref name="IMF.TR-Datamapper">Template:Cite web</ref>

Growth-focused and populistic financial policies, such as the preference to keep interest rates as low as possible (dubbed Erdoganomics<ref>Template:Cite news</ref><ref>Template:Cite web</ref>) have led to one of the world's highest inflation rates since 2018.<ref name="Euronews_03.11.2022">Template:Cite web</ref> Following the Turkish parliamentary and presidential elections on May 14 and 28, 2023, and the appointment of Mehmet Şimşek as the Minister of Treasury and Finance on June 4, 2023, Turkey has adopted a more orthodox monetary policy regarding interest rates and has succeeded in gradually decreasing inflation from 85.5% in late 2022 to 42.1% in early 2025.<ref name="Euronews_03.11.2022"/><ref name="Consumer Prices 2024"/>

Data

File:Turkey GDP per capita growth in time.png

Change in per capita GDP of Turkey, 1913–2018. Figures are inflation-adjusted to 2011 International dollars.Template:Cn

File:Turkey-co2-emissions-and-gdp.svg

Turkey's CO2 emissions growth compared GDP growth

File:General government net debt as percentage of GDP - European countries.png

General government net debt as percentage of GDP for selected European countries, including Turkey

The following table shows the main economic indicators from 1980 to 2024 (with IMF staff estimates in 2024–2029). Inflation below 10% is in green.<ref>Template:Cite web</ref>

Year	GDP (in Bil. US$PPP)	GDP per capita (in US$ PPP)	GDP (in Bil. US$nominal)	GDP per capita (in US$ nominal)	GDP growth (real)	Inflation rate (in Percent)	Unemployment (in Percent)
1980	159.2	3,516.3	96.6	2,133.7	Template:Decrease-0.8%	Template:IncreaseNegative110.6%	7.2%
1981	Template:Increase181.9	Template:Increase3,926.5	Template:Increase97.9	Template:Decrease2,113.1	Template:Increase4.4%	Template:IncreaseNegative36.4%	Template:Steady7.2%
1982	Template:Increase199.7	Template:Increase4,215.0	Template:Decrease88.9	Template:Decrease1,876.6	Template:Increase3.4%	Template:IncreaseNegative31.1%	Template:IncreaseNegative7.6%
1983	Template:Increase217.4	Template:Increase4,486.2	Template:Decrease85.0	Template:Decrease1,753.3	Template:Increase4.8%	Template:IncreaseNegative31.3%	Template:DecreasePositive7.5%
1984	Template:Increase240.6	Template:Increase4,857.9	Template:Decrease82.6	Template:Decrease1,668.5	Template:Increase6.8%	Template:IncreaseNegative48.4%	Template:DecreasePositive7.4%
1985	Template:Increase258.8	Template:Increase5,116.5	Template:Increase92.8	Template:Increase1,835.2	Template:Increase4.3%	Template:IncreaseNegative44.5%	Template:DecreasePositive6.9%
1986	Template:Increase282.3	Template:Increase5,471.0	Template:Increase102.3	Template:Increase1,983.1	Template:Increase6.9%	Template:IncreaseNegative34.6%	Template:IncreaseNegative7.7%
1987	Template:Increase318.3	Template:Increase6,051.1	Template:Increase118.9	Template:Increase2,260.7	Template:Increase10.0%	Template:IncreaseNegative38.9%	Template:IncreaseNegative8.1%
1988	Template:Increase336.5	Template:Increase6,280.3	Template:Increase125.0	Template:Increase2,333.2	Template:Increase2.1%	Template:IncreaseNegative73.7%	Template:IncreaseNegative8.7%
1989	Template:Increase350.6	Template:Increase6,427.2	Template:Increase147.7	Template:Increase2,707.9	Template:Increase0.3%	Template:IncreaseNegative63.3%	Template:DecreasePositive8.6%
1990	Template:Increase397.4	Template:Increase7,159.3	Template:Increase207.5	Template:Increase3,738.2	Template:Increase9.3%	Template:IncreaseNegative60.3%	Template:DecreasePositive8.0%
1991	Template:Increase414.7	Template:Increase7,344.8	Template:Increase208.4	Template:Decrease3,691.4	Template:Increase0.9%	Template:IncreaseNegative66.0%	Template:DecreasePositive7.7%
1992	Template:Increase449.5	Template:Increase7,831.6	Template:Increase219.2	Template:Increase3,818.8	Template:Increase6.0%	Template:IncreaseNegative70.1%	Template:IncreaseNegative7.9%
1993	Template:Increase497.2	Template:Increase8,523.4	Template:Increase248.6	Template:Increase4,261.6	Template:Increase8.0%	Template:IncreaseNegative66.1%	Template:IncreaseNegative8.4%
1994	Template:Decrease480.1	Template:Decrease8,101.2	Template:Decrease179.4	Template:Decrease3,026.7	Template:Decrease-5.5%	Template:IncreaseNegative104.5%	Template:DecreasePositive8.0%
1995	Template:Increase525.4	Template:Increase8,729.4	Template:Increase233.6	Template:Increase3,880.9	Template:Increase7.2%	Template:IncreaseNegative89.6%	Template:DecreasePositive7.1%
1996	Template:Increase572.5	Template:Increase9,368.7	Template:Increase250.5	Template:Increase4,099.2	Template:Increase7.0%	Template:IncreaseNegative80.2%	Template:DecreasePositive6.1%
1997	Template:Increase626.2	Template:Increase10,096.0	Template:Increase261.9	Template:Increase4,221.9	Template:Increase7.5%	Template:IncreaseNegative85.7%	Template:IncreaseNegative6.3%
1998	Template:Increase652.8	Template:Increase10,376.8	Template:Increase275.8	Template:Increase4,384.5	Template:Increase3.1%	Template:IncreaseNegative84.7%	Template:IncreaseNegative6.4%
1999	Template:Decrease640.4	Template:Decrease10,035.0	Template:Decrease256.6	Template:Decrease4,020.3	Template:Decrease-3.3%	Template:IncreaseNegative64.9%	Template:IncreaseNegative7.2%
2000	Template:Increase700.3	Template:Increase10,819.4	Template:Increase274.3	Template:Increase4,238.0	Template:Increase6.9%	Template:IncreaseNegative55.0%	Template:DecreasePositive6.0%
2001	Template:Decrease674.9	Template:Decrease10,288.1	Template:Decrease202.2	Template:Decrease3,082.9	Template:Decrease-5.8%	Template:IncreaseNegative54.2%	Template:IncreaseNegative7.8%
2002	Template:Increase729.6	Template:Increase10,988.4	Template:Increase240.2	Template:Increase3,617.2	Template:Increase6.4%	Template:IncreaseNegative45.1%	Template:IncreaseNegative9.8%
2003	Template:Increase786.9	Template:Increase11,712.5	Template:Increase314.8	Template:Increase4,684.7	Template:Increase5.8%	Template:IncreaseNegative25.3%	Template:IncreaseNegative9.9%
2004	Template:Increase887.2	Template:Increase13,045.3	Template:Increase409.1	Template:Increase6,015.7	Template:Increase9.8%	Template:Increase8.6%	Template:DecreasePositive9.7%
2005	Template:Increase997.3	Template:Increase14,483.1	Template:Increase506.2	Template:Increase7,350.9	Template:Increase9.0%	Template:Increase8.2%	Template:DecreasePositive9.2%
2006	Template:Increase1,099.5	Template:Increase15,768.3	Template:Increase555.1	Template:Increase7,961.1	Template:Increase6.9%	Template:Increase9.6%	Template:DecreasePositive8.7%
2007	Template:Increase1,186.2	Template:Increase16,804.9	Template:Increase680.5	Template:Increase9,640.6	Template:Increase5.0%	Template:Increase8.8%	Template:IncreaseNegative8.9%
2008	Template:Increase1,218.8	Template:Increase17,042.0	Template:Increase770.8	Template:Increase10,778.1	Template:Increase0.8%	Template:IncreaseNegative10.4%	Template:IncreaseNegative9.8%
2009	Template:Decrease1,167.4	Template:Decrease16,089.1	Template:Decrease648.8	Template:Decrease8,941.4	Template:Decrease-4.8%	Template:Increase6.3%	Template:IncreaseNegative13.0%
2010	Template:Increase1,281.0	Template:Increase17,376.4	Template:Increase776.6	Template:Increase10,533.5	Template:Increase8.4%	Template:Increase8.6%	Template:DecreasePositive11.0%
2011	Template:Increase1,454.1	Template:Increase19,459.8	Template:Increase838.5	Template:Increase11,221.4	Template:Increase11.2%	Template:Increase6.5%	Template:DecreasePositive9.0%
2012	Template:Increase1,550.7	Template:Increase20,504.4	Template:Increase880.1	Template:Increase11,637.9	Template:Increase4.8%	Template:Increase8.9%	Template:DecreasePositive8.3%
2013	Template:Increase1,703.7	Template:Increase22,221.4	Template:Increase957.5	Template:Increase12,489.0	Template:Increase8.5%	Template:Increase7.5%	Template:IncreaseNegative8.9%
2014	Template:Increase1,860.5	Template:Increase23,945.5	Template:Decrease938.5	Template:Decrease12,079.3	Template:Increase4.9%	Template:Increase8.9%	Template:IncreaseNegative9.9%
2015	Template:Increase2,022.9	Template:Increase25,691.1	Template:Decrease864.1	Template:Decrease10,973.6	Template:Increase6.1%	Template:Increase7.7%	Template:IncreaseNegative10.3%
2016	Template:Increase2,116.2	Template:Increase26,513.6	Template:Increase869.3	Template:Decrease10,891.2	Template:Increase3.3%	Template:Increase7.8%	Template:IncreaseNegative10.9%
2017	Template:Increase2,282.3	Template:Increase28,242.5	Template:Decrease858.9	Template:Decrease10,628.9	Template:Increase7.5%	Template:IncreaseNegative11.1%	Template:Steady10.9%
2018	Template:Increase2,406.5	Template:Increase29,345.6	Template:Decrease779.7	Template:Decrease9,508.0	Template:Increase3.0%	Template:IncreaseNegative16.3%	Template:Steady10.9%
2019	Template:Increase2,468.7	Template:Increase29,688.0	Template:Decrease759.5	Template:Decrease9,132.9	Template:Increase0.8%	Template:IncreaseNegative15.2%	Template:IncreaseNegative13.7%
2020	Template:Increase2,546.9	Template:Increase30,490.5	Template:Decrease720.1	Template:Decrease8,612.3	Template:Increase1.9%	Template:IncreaseNegative12.3%	Template:DecreasePositive13.1%
2021	Template:Increase2,953.9	Template:Increase35,063.5	Template:Increase817.5	Template:Increase9,654.1	Template:Increase11.4%	Template:IncreaseNegative19.6%	Template:DecreasePositive12.0%
2022	Template:Increase3,009.8	Template:Increase35,293.4	Template:Increase905.8	Template:Increase10,621.4	Template:Increase5.5%	Template:IncreaseNegative72.3%	Template:DecreasePositive10.8%
2023	Template:Increase3,277.5	Template:Increase38,390.9	Template:Increase1,129.9	Template:Increase13,235.8	Template:Increase5.1%	Template:IncreaseNegative53.8%	Template:DecreasePositive10.5%
2024	Template:Increase3,456.7	Template:Increase40,283.3	Template:Increase1,344.3	Template:Increase15,665.9	Template:Increase3.0%	Template:IncreaseNegative60.9%	Template:DecreasePositive10.4%
2025	Template:Increase3,614.5	Template:Increase41,913.6	Template:Increase1,455.4	Template:Increase16,876.5	Template:Increase2.7%	Template:IncreaseNegative32.9%	Template:Steady10.4%
2026	Template:Increase3,801.0	Template:Increase43,865.0	Template:Increase1,477.3	Template:Increase17,048.6	Template:Increase3.2%	Template:IncreaseNegative19.2%	Template:Steady10.4%
2027	Template:Increase4,002.5	Template:Increase45,976.9	Template:Increase1,565.5	Template:Increase17,982.6	Template:Increase3.4%	Template:IncreaseNegative15.9%	Template:Steady10.4%
2028	Template:Increase4,226.6	Template:Increase48,333.7	Template:Increase1,660.5	Template:Increase18,988.9	Template:Increase3.6%	Template:IncreaseNegative15.0%	Template:Steady10.4%
2029	Template:Increase4,471.8	Template:Increase50,917.766	Template:Increase1,764.2	Template:Increase20,088.2	Template:Increase3.8%	Template:IncreaseNegative15.0%	Template:Steady10.4%

Main economic sectors

As of November 2023, there are 1,086,670 registered companies based in Turkey. The sector with the highest number of companies registered in the country is manufacturing with 241,362 companies. This is followed by wholesale trading and services with 197,476 and 187,325 companies respectively.<ref>Template:Cite web</ref>

Agricultural sector

File:Atatürk Dam.jpg

The Atatürk Dam is the largest of the 22 dams in the Southeastern Anatolia Project. The program includes 22 dams, 19 hydraulic power plants, and the irrigation of 1.82 million hectares of land. The total cost of the project is estimated at $32 billion.

Industrial sector

Template:Update section Heavy industry is tending to move out of the EU due to Turkey’s laxer pollution regulations and cheaper energy.<ref>Template:Cite web</ref>

Consumer electronics and home appliances

Turkey's Vestel is the largest TV producer in Europe, accounting for a quarter of all TV sets manufactured and sold on the continent in 2006.<ref>Template:Cite web</ref> By January 2005, Vestel and its rival Turkish electronics and white goods brand Beko accounted for more than half of all TV sets manufactured in Europe.<ref>Template:Cite news</ref> Another Turkish electronics brand, Profilo Telra, was Europe's third-largest TV producer in 2005.<ref>Template:Cite news</ref>

Textiles and clothing

The Turkish textile is the world's fifth largest exporter, accounting for 10% of the country's GDP and employing 750 000 people in 2018. Turkish companies made clothing exports worth $13.98 billion in 2006; more than $10.67 billion of which (76.33%) were exported to the European Union.<ref>"The Export Performance of the Turkish Clothing Industry in 2006 Template:Webarchive," ITKIB</ref>

Motor vehicles and automotive products

The automotive industry in Turkey, which plays an important role in the manufacturing sector of the Turkish economy, produced 1,352,648 motor vehicles in 2022,<ref>Template:Cite web</ref> ranking as the 13th largest producer in the world (production peaked at 1,695,731 motor vehicles in 2017, when Turkey also ranked 13th).<ref>Template:Cite web</ref> Turkish automotive companies like TEMSA, Otokar and BMC are among the world's largest van, bus and truck manufacturers. Togg, or Turkey's Automobile Joint Venture Group Inc. is the first all-electric vehicle company of Turkey.<ref>Template:Cite web</ref>

The automotive industry is an important part of the economy since the late 1960s. The companies that operate in the sector are mainly located in the Marmara Region. With a cluster of car-makers and parts suppliers, the Turkish automotive sector has become an integral part of the global network of production bases, exporting over $22.94 billion worth of motor vehicles and components in 2008.<ref>Template:Cite web</ref><ref>Template:Cite web</ref>

Global car manufacturers with production plants include Fiat/Tofaş, Oyak-Renault, Hyundai, Toyota, Honda and Ford/Otosan. Turkish automotive companies like TEMSA, Otokar and BMC are among the world's largest van, bus and truck manufacturers.Template:Cn Togg is a new Turkish automotive company established in 2018 for producing EVs.<ref name="Jay Ramey" /><ref>Template:Cite web</ref> Togg's factory in Gemlik, Bursa Province, was inaugurated on 29 October 2022, the 99th anniversary of the Turkish Republic.<ref name="Togg-2022"/>

Turkey's annual auto exports, including trucks and buses, surpassed 1 million units for the first time in 2016 as foreign automakers' investment in new models and a recovery in its mainstay European market lifted shipments. According to the industry group Automotive Manufacturers Association (OSD), Turkey-based car plants exported 1.14 million units in 2016, up 15% from the year before.<ref>Template:Cite web</ref> Auto exports hit a record high for the fourth straight year. Production grew 9% year on year in 2016 to 1.48 million units, setting a new record for the second consecutive year. Nearly 80% of vehicles produced in Turkey were exported.<ref>Template:Cite web</ref>

Multiple unit trains, locomotives and wagons

File:M8 Metro Line.jpg

Istanbul Metro's M8 line is among the new lines with fully automated driverless trains and platform screen doors for increasing passenger safety.

TÜLOMSAŞ (1894), TÜVASAŞ (1951) and EUROTEM (2006) are among the major producers of multiple unit trains, locomotives and wagons in Turkey, including high-speed EMU and DMU models.Template:Cn

Bozankaya is a Turkish manufacturer of rolling stock including metro, tram and trolleybus vehicles in Ankara.

Defence industry

File:IMG-TAI-TFX.jpg

The TAI TF Kaan, a twin engine fifth generation air superiority fighter, completed its maiden flight on February 21, 2024.<ref>Template:Cite web</ref><ref>Template:Cite web</ref><ref>Template:Cite web</ref><ref>Template:Cite web</ref> TAI Anka-3, a flying wing type stealth UCAV, completed its maiden flight on December 28, 2023.<ref>Template:Cite web</ref><ref>Template:Cite web</ref><ref>Template:Cite web</ref>

File:TCG Anadolu (L-400) on the Bosphorus (cropped).jpg

TCG Anadolu (L-400) during the naval parade for celebrating the centennial of the Turkish Republic on October 29, 2023. Baykar Bayraktar TB3<ref>Template:Cite web</ref><ref name="Baykartech_26.11.2024">Template:Cite web</ref><ref name="TB3_PT-2_Test_59">Template:Cite web</ref> and the jet-powered, low-observable Baykar MIUS Kızılelma are two UCAVs designed to operate on TCG Anadolu.<ref name="Helfrich">Template:Cite web</ref><ref>Template:Cite web</ref><ref>Template:Cite web</ref><ref>Template:Cite web</ref> The construction of the first MUGEM-class aircraft carrier began on January 2, 2025.<ref name="NavalNews_02.01.2025">Template:Cite web</ref><ref name="Army_Recognition_03.01.2025">Template:Cite web</ref>

Turkey has many modern armament manufacturers. Annual exports reached $1.6 billion in 2014.<ref name="Milliyet">Template:Cite news</ref> MKEK, TAI, Aselsan, Roketsan, FNSS, Nurol Makina, Otokar, and Havelsan are major manufacturers. On 11 July 2002, Turkey became a Level 3 partner of the F-35 Joint Strike Fighter (JSF) development program. TAI builds various aircraft types and models, such as the F-16 Fighting Falcon for the Turkish Air Force.<ref name="reuters">Template:Cite news</ref><ref name="f16art2325">Template:Cite web</ref> Turkey has recently launched domestically built new military/intelligence satellites including a 0.8m resolution reconnaissance satellite (Project Göktürk-1) for use by the Turkish Armed Forces and a 2m resolution reconnaissance satellite (Project Göktürk-2) for use by the Turkish National Intelligence Organization.Template:Cn

Other important products include the TAI TF Kaan, TF2000-class destroyer, Milgem class corvette, Baykar MIUS Kızılelma UCAV, Baykar Akıncı HALE UCAV, Baykar Bayraktar TB2 MALE UCAV, TAI Aksungur MALE UCAV, TAI Anka MALE UAV/UCAV, Aselsan İzci UGV, Altay main battle tank, T-155 Fırtına self-propelled howitzer, J-600T missile, T-129 attack helicopter, A400M, Roketsan UMTAS anti-tank missile, Roketsan Cirit laser-guided rocket, Panter howitzer, ACV-300, Otokar Cobra and Akrep, BMC Kirpi, FNSS Pars 6x6 and 8x8 APC, Nurol Ejder 6x6 APC, TOROS artillery rocket system, Bayraktar Mini UAV, ASELPOD, and SOM cruise missile.Template:Cn

Steel-Iron industry

Turkey ranks 8th in the list of countries by steel production. In 2013, total steel production was 35.134 million tonnes.<ref>Template:Cite web</ref> Turkey's crude steel production reached a record high of 34.1 million tons in 2011.<ref>Template:Cite web</ref> Notable producers (above 2 million tonnes) and their ranks among top steel producing companies.<ref>Template:Cite web</ref>

• Erdemir (7.1 million tonnes) (47th) (Only Erdemir-Turkey; Erdemir-Romania is not included)
• Habaş (4.4 million tonnes) (72nd)
• İçdaş (3.6 million tonnes) (76th)
• Diler (2.3 million tonnes) (108th)
• Çolakoğlu (2.1 million tonnes) (110th)

Science and technology

Turkey boasts over 80 technoparks where around 6,000 national and multinational companies engage in R&D activities.<ref>Template:Cite web</ref> TÜBİTAK is the leading agency for developing science, technology and innovation policies in Turkey.<ref>Template:Cite web</ref> The Turkish Academy of Sciences is an autonomous scholarly society acting to promote scientific activities in Turkey.<ref>Template:Cite web</ref> TAEK is the official nuclear energy institution of Turkey. Its objectives include academic research in nuclear energy, and the development and implementation of peaceful nuclear tools.<ref>Template:Cite web</ref>

Turkish government companies for research and development in military technologies include Turkish Aerospace Industries, ASELSAN, HAVELSAN, ROKETSAN, MKE, among others. Turkish Satellite Assembly, Integration and Test Center is a spacecraft production and testing facility owned by the Ministry of National Defence and operated by the Turkish Aerospace Industries. The Turkish Space Launch System is a project to develop the satellite launch capability of Turkey. It consists of the construction of a spaceport, the development of satellite launch vehicles as well as the establishment of remote earth stations.<ref name="ssm1">Template:Cite web</ref><ref name="dn1">Template:Cite news</ref><ref name="dn2">Template:Cite news</ref>Template:Obsolete source

Construction and contracting sector

The Turkish construction and contracting industry is made up of a large number of businesses. In 2016 a total of 39 Turkish construction and contracting companies were listed in the Top 250 International Contractors List prepared by the Engineering News-Record.<ref>Template:Cite web</ref><ref>Template:Cite web</ref> From the beginning of the 1970s to the end of 2022, Turkish contractors have completed more than 11,605 projects in 133 countries.<ref name="TCA-2022">Template:Cite web</ref> Their business volume abroad has reached 472 billion US Dollars in 2022.<ref name="TCA-2022"/>

As Turkey is prone to strong earthquakes, the buildings that were constructed before the post-1999 safety standards and regulations remain a major concern, with many ongoing urban redevelopment and reconstruction projects, especially in large cities. In 2019, an amnesty plan to register illegally constructed buildings for generating extra tax revenues to the government brought in $3.1 billion, but the plan was criticized for ignoring safety issues.<ref>Template:Cite news</ref> The two major earthquakes on February 6, 2023 in southern Turkey have revealed that some of the recently-built structures that collapsed were not constructed in accordance with the latest safety regulations.<ref>Template:Cite web</ref>

Service sector

Banking and finance

File:IFM Görsel (cropped).jpg

The Turkish Central Bank and other state-owned banks such as Ziraat Bank, VakıfBank and Halkbank have their new headquarters at the Istanbul Financial Center (IFC) in Ataşehir.<ref name="ifm-aa">Template:Cite web</ref><ref name="ifc-bloomberg-image">Template:Cite web</ref><ref name="ifm-1">Template:Cite web</ref>

During the 19th and early 20th centuries, Bankalar Caddesi (Banks Street) in Istanbul was the financial center of the Ottoman Empire, where the headquarters of the Ottoman Bank (established as the Bank-ı Osmanî in 1856, and later reorganized as the Bank-ı Osmanî-i Şahane in 1863)<ref>Template:Cite web</ref> and the Ottoman Stock Exchange (1866) were located.<ref name=OBM>Template:Cite web</ref> Bankalar Caddesi continued to be Istanbul's main financial district until the 1990s, when most Turkish banks began moving their headquarters to the modern central business districts of Levent and Maslak.<ref name=OBM/>

Originally established as the Ottoman Stock Exchange (Dersaadet Tahvilat Borsası) in 1866, and reorganized to its current structure at the beginning of 1986, the Istanbul Stock Exchange (ISE) is the sole securities market of Turkey.<ref>Template:Cite web</ref> In 1995, the Istanbul Stock Exchange moved to its current building in the Istinye quarter.<ref>Template:Cite web</ref> The Istanbul Gold Exchange was also established in 1995.

The Central Bank of the Republic of Turkey (Türkiye Cumhuriyet Merkez Bankası) was founded in 1930 as a privileged joint-stock company. The CBRT possesses the sole right to issue notes. It also has the obligation to provide for the monetary requirements of the state agricultural and commercial enterprises.

The "New Turkish lira" (TRY) was introduced on 1 January 2005.<ref>Template:Cite news</ref> On 1 January 2009, the New Turkish lira was renamed once again as the "Turkish lira", with the introduction of new banknotes and coins.

Banking came under stress beginning in October 2008, as a result of the 2008 financial crisis. Turkish banking authorities warned state-run banks against the pullback of loans from the larger financial sectors.<ref>Turkey warns against potential Bank Runs Template:Webarchive</ref>

File:Ankara from bus station.jpg

Söğütözü business district in Ankara, Turkey's capital and second largest city

Turkey's economy resumed its growth between 2009 and 2013, which was followed by a period of stagnation and recession between 2014 and 2020. Turkey's GDP began to recover and grow again in the period between 2020 and 2024.

In 2020, the total value of assets of the banking sector in Turkey amounted to more than $800 billion.<ref>Template:Cite web</ref> As of January 2021, there were a total of 48 banks operating with 9,880 branches in Turkey and 71 branches abroad.<ref name="banking1">Template:Cite web</ref> Template:As of, the foreign currency deposits of the citizens and residents in Turkish banks stood at $234 billion, equivalent to around half of all deposits.<ref>Template:Cite web</ref><ref>Template:Cite web</ref> Template:As of, the foreign currency reserves of the Turkish Central Bank were $85 billion, its gold reserves were $67.4 billion, while its official reserve assets stood at $159.8 billion.<ref>Template:Cite web</ref>

Transport

File:Turkish Airlines 1350321.jpg

Turkish Airlines, flag carrier of Turkey, has been selected by Skytrax as Europe's best airline for five years in a row (2011–2015).<ref name=TurkishAirlinesSkytrax>Template:Cite web</ref><ref name="five">Template:Cite web</ref> With destinations in 129 countries worldwide, Turkish Airlines is the largest carrier in the world by number of countries served Template:As of.<ref name="Turkish Airlines">Template:Cite web</ref>

File:İstanbul Havalimanı Airport 2019 24.jpg

Istanbul Airport is the main international airport serving Istanbul, Turkey. It is a major hub in the world.

In 2013 there were ninety-eight airports in Turkey,<ref>Template:Cite web</ref> including 22 international airports.<ref>Template:Cite web</ref> Template:As of, Istanbul Atatürk Airport is the 11th busiest airport in the world, serving 31,833,324 passengers between January and July 2014, according to Airports Council International.<ref>Template:Cite web</ref> The new (third) international airport of Istanbul is planned to be the largest airport in the world, with a capacity to serve 150 million passengers per annum.<ref name="dhmi">Template:Cite web</ref><ref>Template:Cite web</ref><ref>Template:Cite web</ref>

File:1915 Çanakkale Bridge 20220327.jpg

The 1915 Çanakkale Bridge on the Dardanelles strait, connecting Europe and Asia, is the longest suspension bridge in the world.<ref name="B1M-website">Template:Cite web</ref><ref>Template:Cite web</ref><ref name="hdn">Template:Cite news</ref>

The state-owned utility Turkish State Railways operates the 12,740–km railway network, 23rd longest in the world. Since 2003, Turkish State Railways has also been investing in high-speed rail lines, which at 2,175 km (1,353 mi) ranked ninth longest in the world.<ref name="diction">Template:Cite book</ref>

File:YHT train at Ankara railway station.jpg

A TCDD HT80000 high-speed train of the Turkish State Railways at the ATG terminal in Ankara

As of 2010, the country had a roadway network of 426,951 km, including 2,080 km of expressways and 16,784 km of divided highways.<ref>Template:Cite web</ref>

As of 2010, the Turkish merchant marine included 1,199 ships (604 registered at home), ranking 7th in the world.<ref name=CIAFactbookTurkey/> Turkey's coastline has 1,200 km of navigable waterways.<ref name=CIAFactbookTurkey/>

In 2008, Template:Convert of natural gas pipelines and Template:Convert of petroleum pipelines spanned the country's territory.<ref name=CIAFactbookTurkey/>

Communications

As of 2008, there were 17,502,000 operational landline telephones in Turkey, which ranked 18th in the world;<ref name=CIAFactbookTurkey>Template:Cite web</ref> while there were 65,824,000 registered mobile phones in the country, which ranked 15th in the world during the same year.<ref name=CIAFactbookTurkey/> The largest landline telephone operator is Türk Telekom, which also owns TTNET, the largest internet service provider in Turkey.Template:Cn The largest mobile phone operators in the country are Turkcell, Vodafone Turkey, Avea and TTNET Mobil.Template:Cn

The telecommunications liberalisation process started in 2004 after the creation of the Telecommunication Authority, and is still ongoing.Template:Cn Private sector companies operate in mobile telephony, long-distance telephony and Internet access. Additional digital exchanges are permitting a rapid increase in subscribers;Template:Cn the construction of a network of technologically advanced intercity trunk lines, using both fiber-optic cable and digital microwave radio relay, is facilitating communication between urban centres.<ref name=CIAFactbookTurkey/>

The remote areas of the country are reached by a domestic satellite system, while the number of subscribers to mobile-cellular telephone service is growing rapidly.<ref name=CIAFactbookTurkey/>

The main line international telephone service is provided by the SEA-ME-WE 3 submarine communications cable and by submarine fiber-optic cables in the Mediterranean Sea and Black Sea that link Turkey with Italy, Greece, Israel, Bulgaria, Romania, and Russia.<ref name=CIAFactbookTurkey/> In 2002, there were 12 Intelsat satellite earth stations; and 328 mobile satellite terminals in the Inmarsat and Eutelsat systems.<ref name=CIAFactbookTurkey/>

Türksat A.Ş. is the primary communications satellite operator of Turkey, controlling the Turksat series of satellites. Göktürk-1, Göktürk-2 and Göktürk-3 are Turkey's earth observation satellites for reconnaissance, operated by the Turkish Ministry of National Defense. BILSAT-1 and RASAT are the scientific observation satellites operated by the TÜBİTAK Space Technologies Research Institute, which (together with Turkish Aerospace Industries and Aselsan) also takes part in the production of Turkey's satellites.Template:Cn

As of 2001, there were 16 AM, 107 FM, and 6 shortwave radio stations in the country.<ref name=CIAFactbookTurkey/>Template:Needs update

As of 2015, there were 42,275,017 internet users in Turkey, which ranked 15th in the world;<ref name=CIAFactbookTurkey/> while as of 2012, there were 7,093,000 internet hosts in the country, which ranked 16th in the world.<ref name=CIAFactbookTurkey/>

Tourism

Template:MainIn 2023, Turkey was the fifth most visited destination in the world, with 55.2 million foreign tourists visiting the country.<ref name="UNWTO-2023">Template:Cite web</ref><ref>Template:Cite web</ref> In 2019, Turkey ranked sixth in the world in terms of the number of international tourist arrivals, with 51.2 million foreign visitors.<ref name="WTO Tourism Highlights 2019 Edition">Template:Cite book</ref>

Over the years, Turkey has emerged as a popular tourist destination for many Europeans, competing with other Mediterranean countries such as Greece, Italy and Spain. Resorts in provinces such as Antalya and Muğla (which are located on the Turkish Riviera) have become very popular among tourists.<ref>Template:Cite web</ref>

Medical tourism

File:BaşakşehirCityHospital (1).jpg

Başakşehir Çam and Sakura City Hospital in Istanbul

There are numerous private hospitals in Turkey, which has benefited from medical tourism in recent years. Health tourism generated revenues worth $1 billion in 2019 for Turkey's economy.<ref name="sabah-health"/> A total of 662,087 patients were treated at Turkish hospitals in 2019 within the scope of health tourism, with around 60% of the income being obtained from plastic surgeries.<ref name="sabah-health">Template:Cite news</ref>

Largest companies

In 2024, ten publicly traded Turkish companies were listed in the Forbes Global 2000 list – an annual ranking of the top 2000 public companies in the world by Forbes magazine.<ref>Template:Cite web</ref> The banking industry leads with four companies in the list followed by the airline, automotive and retailer with one company each. There are also three conglomerates. As of 2024, the listed public companies were:

World Rank	Company	Industry	Revenue (billion $)	Profits (billion $)	Assets (billion $)	Market Value (billion $)
309	Koç Holding	Conglomerate	67.36	3.03	96.8	19.27
525	İş Bankası	Banking	17.6	3.03	100.05	11.49
539	Turkish Airlines	Airline	21.17	6.84	35.55	13.81
666	Akbank	Banking	14.7	2.57	64.06	10.15
759	VakıfBank	Banking	16.34	1.33	96.81	6.59
878	Sabancı Holding	Conglomerate	23.13	0.64	74.23	6.64
893	Ford Otosan	Automotive Industry	17.29	2.06	7.35	13.15
957	Halkbank	Banking	15.81	0.65	77.98	3.9
1384	Anadolu Grubu	Conglomerate	15.77	0.82	13.27	2.78
1446	BIM	Retailer	13.79	0.64	5.02	9.02

Long term GDP forecasts

The following "OECD Long Term Projections" table was published in February 2022 for the 16 largest economies by GDP using PPP exchange rates from 2030 to 2060.<ref>Template:Cite web</ref>

The top 16 largest economies in the world (GDP at 2010 constant PPP in billions USD)

Country	2021	Country	2030	Country	2040	Country	2050	Country	2060
Template:CHN	26,656	Template:CHN	36,977	Template:CHN	47,306	Template:CHN	54,765	Template:CHN	62,140
Template:USA	22,675	Template:USA	24,302	Template:USA	28,063	Template:IND	33,363	Template:IND	42,204
Template:IND	10,181	Template:IND	16,603	Template:IND	25,083	Template:USA	32,119	Template:USA	36,527
Template:JPN	5,585	Template:JPN	5,632	Template:IDN	7,507	Template:IDN	9,846	Template:IDN	12,320
Template:DEU	4,743	Template:IDN	5,309	Template:JPN	5,908	Template:JPN	6,060	Template:TUR	7,068
Template:RUS	4,328	Template:DEU	4,566	Template:DEU	4,914	Template:TUR	5,934	Template:JAP	6,333
Template:IDN	3,507	Template:RUS	4,233	Template:TUR	4,776	Template:DEU	5,362	Template:DEU	5,891
Template:BRA	3,328	Template:BRA	3,759	Template:RUS	4,624	Template:BRA	5,168	Template:BRA	5,746
Template:FRA	3,231	Template:TUR	3,653	Template:BRA	4,492	Template:RUS	4,882	Template:MEX	5,407
Template:Nowrap	3,174	Template:Nowrap	3,375	Template:MEX	3,832	Template:MEX	4,620	Template:RUS	5,340
Template:TUR	2,749	Template:FRA	3,267	Template:Nowrap	3,800	Template:Nowrap	4,249	Template:Nowrap	4,768
Template:MEX	2,613	Template:MEX	3,073	Template:FRA	3,679	Template:FRA	4,148	Template:FRA	4,736
Template:ITA	2,610	Template:KOR	2,675	Template:KOR	2,866	Template:ITA	2,959	Template:ITA	3,366
Template:KOR	2,436	Template:ITA	2,499	Template:ITA	2,692	Template:KOR	2,880	Template:AUS	3,104
Template:CAN	2,027	Template:ESP	2,094	Template:CAN	2,370	Template:SAU	2,698	Template:SAU	3,066
Template:ESP	1,959	Template:CAN	2,062	Template:SAU	2,362	Template:CAN	2,694	Template:CAN	3,046

External trade and investment

Template:See alsoAs of 2016, the main trading partners of Turkey are the European Union, Russia, the United Kingdom, the UAE, Iraq, and China, many being top in both export as well as import.<ref name="TSI_ForeignTrade2012">Template:Cite web</ref> Turkey has taken advantage of a customs union with the EU, signed in 1995, to increase industrial production for exports, while benefiting from EU-origin foreign investment into the country.<ref>Template:Cite web</ref> In addition to the European-Turkish Customs Union, the Turkish government has signed free-trade agreements with 22 countries.<ref>Template:Cite web</ref>

A very large aspect of Turkey trade revolves around the automotive industry, where its top exports are cars, accounting for $13.2 billion. Other top exports from the country are gold, delivery trucks, vehicle parts and jewelry, which are respectively, $6.96 billion, $5.04 billion, $4.64 billion, and $3.39 billion. These values are calculated using the 1992 revision of the Harmonized System classification. Comparatively, it imports many of the same industries, such as, gold valued at $17.1 billion, refined petroleum at $9.8 billion, cars at $8.78 billion, vehicle parts at $6.34 billion and scrap iron at $5.84 billion.<ref>Template:Cite web</ref>

The construction and contracting companies, such as Enka, Rönesans Holding and Tekfen, have been significant players in the country's economy.<ref>Template:Cite web</ref>

Without a carbon price exporters to the European Union will have to pay the EU Carbon Border Adjustment Mechanism from 2026,<ref>Template:Cite web</ref> and in 2024 they started hedging against this by buying EU Allowances.<ref name="spglobal"/>

Turkey had many improvements in the ease of doing business index. Its rank increased from 68th in 2017 to 33rd in 2020. As of 2021, it was performing better than countries like the Netherlands and Belgium.<ref>Template:Cite web</ref><ref name=":5">Template:Cite news</ref><ref name=":4">Template:Cite web</ref>Template:Vague

Trade statistics<ref>Template:Cite web</ref><ref>Template:Cite web</ref><ref>Template:Cite web</ref>

Year	1975	1980	1985	1990	1995	2000	2005	2010	2015	2020	2023
Goods exports, billion US$	1.5	2.9	8.3	13.0	22.0	30.9	78.5	121.0	154.9	168.4	251.0
Goods imports, billion US$	4.5	7.5	11.2	22.5	35.1	52.9	111.4	177.3	203.9	206.3	337.3
Net trade, billion US$	−3.0	−4.6	−2.9	−9.5	−13.1	−22.0	−32.9	−56.3	−49.0	−37.9	−86.3

Natural resources

Minerals

File:ALİ EKŞİ KMPAŞA BEJİ - panoramio.jpg

Marble quarries in Turkey.

In 2019, the country was the world's 2nd largest producer of chromium;<ref>Template:Cite web</ref> the largest producer of boron;<ref>Template:Cite web</ref> 6th largest producer of antimony;<ref>Template:Cite web</ref> 9th largest producer of lead;<ref>Template:Cite web</ref> 13th largest producer of iron ore;<ref>Template:Cite web</ref> 11th largest producer of molybdenum;<ref>Template:Cite web</ref> 4th largest producer of gypsum;<ref>Template:Cite web</ref> 15th largest producer of graphite;<ref>Template:Cite web</ref> in addition to being the 11th largest producer of salt.<ref>Template:Cite web</ref>

As a gold producer Turkey is currently ranked 22nd globally. Hosting some of the largest gold deposits in the European continent it is currently Europe's largest gold producer, producing 42 tonnes of gold in 2020.<ref>Template:Cite web</ref> World class deposits include Kisladag Mine 17Moz and Copler 10Moz.Template:Cn

Environment

Template:See alsoAlmost all post-covid stimulus was detrimental to the environment, with Russia being the only worse country.<ref>Template:Cite report</ref> In the 21st century, Turkey's fossil fuel subsidies are around 0.2% of GDP,<ref>Template:Cite journal</ref><ref>Template:Cite report</ref> including at least US$14 billion (US$169 per person) between January 2020 and September 2021.<ref>Template:Cite web</ref> Data on finance for fossil fuels by state-owned banks and export credit agencies is not public.<ref>Template:Cite report</ref> As of 2023 fossil gas is subsidized more than electricity - equalizing the subsidies would benefit the environment.<ref>https://shura.org.tr/wp-content/uploads/2023/09/SHURA-2023-08-YO-Elektrifikasyon.pdf Template:Bare URL PDF</ref>

Employment

The minimum wage in Turkey is ₺ 22,104 (US$ 630.36) as of January 1, 2025.<ref>Template:Cite web</ref><ref>Template:Cite web</ref>

TurkStat estimated unemployment at 9.4% in 2023. The province with the highest unemployment rate was Hakkari at 23.3% and the province with the lowest unemployment rate was Sinop at 4.8%.<ref>Template:Cite web</ref>

In 2021 trade unions complained that according to TurkStat data the unemployment rate was falling, whereas the data provided by the government's Employment Agency (İŞKUR) showed that it was rising.<ref>Template:Cite web</ref>Template:Needs update Environmentalists argue that some actions to improve the environment would also benefit the economy. For example, investing in wind power in Turkey and solar power in Turkey would create jobs and is competitive with fossil fuels.<ref>Template:Cite web</ref>

Poverty

Template:Main Turkey made steady progress in reducing poverty from the early 2000s to the mid-2010s.<ref>Template:Cite web</ref><ref>Template:Cite web</ref>Template:Vague In 2022, social security expenditure stood at 12.4% of GDP according to OECD data.<ref>Template:Cite web</ref>

Regional disparities

According to Eurostat data, Turkish GDP per capita adjusted by purchasing power standards stood at 64 percent of the EU average in 2018.<ref name="GDP per capita in PPS">Template:Cite web</ref> Istanbul has the largest GDP, while Kocaeli comes first in GDP per capita.<ref>Template:Cite web</ref>

The country's wealth is mainly concentrated in the northwest and west, while the east and southeast suffer from poverty, lower economic production and higher levels of unemployment.<ref>Template:Cite news</ref> However, in line with the rapid growth of Turkey's GDP during the first two decades of the 21st century (with brief periods of stagnation and recession), parts of Anatolia began reaching a higher economic standard. These cities are known as the Anatolian Tigers.<ref>Template:Cite web</ref> Template:Clear right

Richest and poorest NUTS-2 regions (GDP PPP 2022)

	Region	GDP per capita 2022
		in euros	As % of EU-28 average
Template:Flag		23,800	67%
Richest	Istanbul	38,700	109%
	Kocaeli	31,500	89%
	Ankara	31,100	88%
	Tekirdağ	29,700	84%
	Izmir	29,500	83%
	Bursa	25,700	73%
	Antalya	23,900	68%
	Balıkesir	21,600	61%
	Aydın	20,900	59%
	Manisa	20,000	56%
	Adana	20,000	56%
	Konya	19,100	54%
	Zonguldak	18,700	53%
	Kırıkkale	17,700	50%
	Kayseri	17,500	49%
	Gaziantep	17,400	49%
	Kastamonu	16,700	47%
	Hatay	15,700	44%
	Samsun	14,000	39%
	Erzurum	13,900	39%
	Trabzon	13,200	37%
	Malatya	12,900	37%
	Mardin	12,200	34%
	Ağrı	9,800	28%
	Şanlıurfa	9,100	26%
Poorest	Van	8,600	24%

Source: Eurostat – ESA<ref>https://ec.europa.eu/eurostat/databrowser/view/tgs00005/default/table?lang=en&category=t_na10.t_nama10.t_nama_10reg</ref><ref>https://ec.europa.eu/eurostat/databrowser/view/tgs00006/default/table?lang=en&category=t_na10.t_nama10.t_nama_10reg</ref>

Richest and poorest NUTS-1 regions (GDP PPP 2022)

	Region	GDP per capita 2022
		in euros	As % of EU-28 average
Template:Flag		23,800	67%
Richest	Istanbul	38,700	109%
	East Marmara	28,600	81%
	West Anatolia	27,400	77%
	West Marmara	25,800	73%
	Aegean	24,200	68%
	Mediterranean	19,900	56%
	Central Anatolia	17,600	50%
	West Black Sea	15,500	44%
	East Black Sea	13,200	37%
	Southeast Anatolia	12,500	35%
	Northeast Anatolia	11,800	33%
Poorest	Central East Anatolia	10,500	30%

Source: Eurostat – ESA<ref>https://ec.europa.eu/eurostat/databrowser/view/tgs00005/default/table?lang=en&category=t_na10.t_nama10.t_nama_10reg</ref><ref>https://ec.europa.eu/eurostat/databrowser/view/tgs00006/default/table?lang=en&category=t_na10.t_nama10.t_nama_10reg</ref> Template:Col-2 Template:Col-end

See also

• Economic history of Turkey
• National debt of Turkey
• List of companies of Turkey
• List of countries by labour force
• List of countries by real GDP growth rate
• List of countries by total wealth
• Ista-Burs Megaregion

References

• Template:Cite report
• Template:Cite report
• Template:Cite report

External links

• Turkey Trade Statistics, World Bank
• Green growth knowledge platform − Template:Webarchive