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Economy of Turkey

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Economy of Türkiye
Istanbul is the largest city in Europe[a][b] and the chief financial and economical center of Turkey.
CurrencyTurkish lira (TRY, ₺)
Calendar year[2]
Trade organisations
G-20, OECD, EU Customs Union, WTO, MIKTA, BSEC, ECO, OTS and others
Country group
Statistics
PopulationIncrease 85,372,377[6]
GDP
GDP rank
GDP growth
  • Increase4.5% (2023)
  • Increase3.6% (2024f) [7]
GDP per capita
  • Increase $15,666 (nominal; 2024)[7]
  • Increase $40,283 (PPP; 2024)[7]
GDP per capita rank
GDP by sector
Positive decrease 49% (Annual, September 2024)[9]
Population below poverty line
  • Positive decrease 14.4% at 50% of the median equivalised income (2022)[10]
  • Positive decrease 32.8% at risk of poverty or social exclusion (AROPE, 2022)[11]
Positive decrease 44.2 medium inequality (2023)[12]
Decrease 34 out of 100 points (2023; 115th rank)
Labour force
  • Increase 34,796,000 (2023)[15]
  • about 3.2 million Turks work abroad[2]
  • Increase 57.3% employment rate (2023)[16]
Labour force by occupation
Unemployment
  • Positive decrease 8.5% (2023)[15]
  • Positive decrease 16.3% youth unemployment rate (15 to 24 year-olds; October 2023)[15]
Average gross salary
35,650₺ / 1,115$ / 1,020€ (per month, 2024)[18]
27,550₺ / 860$ / 790€ (per month, 2024)[18]
Main industries
External
ExportsIncrease $255.8 billion (2023)[19]
Export goods
Main export partners
ImportsPositive decrease $361.8 billion (2023)[21]
Import goods
Main import partners
FDI stock
  • Increase $180.3 billion (31 December 2017 est.)[2]
  • Increase Abroad: $47.44 billion (31 December 2017 est.)[2]
Positive decrease −1.74% of GDP (2021)[23]
Negative increase $500 billion (2024) (24th)[24]
Public finances
Positive decrease 29.5% of GDP (2024)[7]
Decrease −5.4% (of GDP) (2023) [25]
Revenues$210.5 billion (2020 est.)[2]
Expenses$249.2 billion (2020 est.)[2]
Economic aiddonor: $8.399 billion, 0.79% of GNI (2018)[26][27]
  • Fitch:[30]
  • BB-
  • Outlook:Positive (September 2024)
  • Scope:[31]
  • B
  • Outlook: Positive (June 2024)
Increase $154. billion (2024) (22nd)[32]
All values, unless otherwise stated, are in US dollars.
Economy of Turkey
Emblem of Turkey
Economic history
Money
Stock exchange
Major projects
Related topics
flag Turkey portal
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.[33][34]
Turkey is a founding member of the OECD (1961) and G20 (1999).

Turkey is a founding member of the OECD and G20. The country's economy ranked as the 17th-largest in the world and 7th-largest in Europe by nominal GDP in 2024. It also ranked as the 12th-largest in the world and 5th-largest in Europe by PPP in 2024. Turkey is a developing,[3] upper-middle income, mixed economy. Turkey has often been defined as a newly industrialized country since the turn of the 21st century.[35][36][37] The country is the fifth most visited destination in the world,[38] and has over 1,500 R&D centres established both by multinational and national firms.[39] Turkey is among the world's leading producers of agricultural products, textiles, motor vehicles, transportation equipment, construction materials, consumer electronics, and home appliances. Among OECD nations, Turkey has a highly efficient and strong social security system; social expenditure stood at roughly 12.5% of GDP.[40][need quotation to verify]

Over the past 20 years, 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.[41] A period of strong economic growth between 2002 and 2013 (except for 2009)[42] was followed by a slowdown in growth in terms of USD-based nominal GDP figures between 2014 and 2020,[42] especially during the 2018 Turkish currency and debt crisis, although the growth sustained in these years as well in terms of nominal GDP.[42] Furthermore, there has been a steady recovery and a faster pace in growth in Turkey's GDP figures since 2021,[42] which have reached their all-time highest values by the end of 2023.[42][43] Growth-focused financial policies, such as the preference to keep interest rates as low as possible (dubbed Erdoganomics[44][45]) have led to high inflation in recent years.[46]

Without a carbon price exporters to the European Union will have to pay the EU Carbon Border Adjustment Mechanism from 2026,[47] and in 2024 they started hedging against this by buying EU Allowances.[48]

History

Main articles: Economic history of the Ottoman Empire and Economic history of Turkey

Data

Change in per capita GDP of Turkey, 1913–2018. Figures are inflation-adjusted to 2011 International dollars.[citation needed]
Turkey's CO2 emissions growth compared GDP growth
General government net debt as percentage of GDP for selected European countries (including Turkey.
View from Levent business district in Istanbul, Turkey's largest GDP city
View from Söğütözü business district in Ankara, Turkey's second-largest GDP city
View from Bayraklı business district in İzmir, Turkey's third-largest GDP city

The following table shows the main economic indicators from 1980 to 2023 (with IMF staff estimates in 2024–2028). Inflation below 10% is in green.[49]

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 Decrease-0.8% Negative increase110.6% 7.2%
1981 Increase181.9 Increase3,926.5 Increase97.9 Decrease2,113.1 Increase4.4% Negative increase36.4% Steady7.2%
1982 Increase199.7 Increase4,215.0 Decrease88.9 Decrease1,876.6 Increase3.4% Negative increase31.1% Negative increase7.6%
1983 Increase217.4 Increase4,486.2 Decrease85.0 Decrease1,753.3 Increase4.8% Negative increase31.3% Positive decrease7.5%
1984 Increase240.6 Increase4,857.9 Decrease82.6 Decrease1,668.5 Increase6.8% Negative increase48.4% Positive decrease7.4%
1985 Increase258.8 Increase5,116.5 Increase92.8 Increase1,835.2 Increase4.3% Negative increase44.5% Positive decrease6.9%
1986 Increase282.3 Increase5,471.0 Increase102.3 Increase1,983.1 Increase6.9% Negative increase34.6% Negative increase7.7%
1987 Increase318.3 Increase6,051.1 Increase118.9 Increase2,260.7 Increase10.0% Negative increase38.9% Negative increase8.1%
1988 Increase336.5 Increase6,280.3 Increase125.0 Increase2,333.2 Increase2.1% Negative increase73.7% Negative increase8.7%
1989 Increase350.6 Increase6,427.2 Increase147.7 Increase2,707.9 Increase0.3% Negative increase63.3% Positive decrease8.6%
1990 Increase397.4 Increase7,159.3 Increase207.5 Increase3,738.2 Increase9.3% Negative increase60.3% Positive decrease8.0%
1991 Increase414.7 Increase7,344.8 Increase208.4 Decrease3,691.4 Increase0.9% Negative increase66.0% Positive decrease7.7%
1992 Increase449.5 Increase7,831.6 Increase219.2 Increase3,818.8 Increase6.0% Negative increase70.1% Negative increase7.9%
1993 Increase497.2 Increase8,523.4 Increase248.6 Increase4,261.6 Increase8.0% Negative increase66.1% Negative increase8.4%
1994 Decrease480.1 Decrease8,101.2 Decrease179.4 Decrease3,026.7 Decrease-5.5% Negative increase104.5% Positive decrease8.0%
1995 Increase525.4 Increase8,729.4 Increase233.6 Increase3,880.9 Increase7.2% Negative increase89.6% Positive decrease7.1%
1996 Increase572.5 Increase9,368.7 Increase250.5 Increase4,099.2 Increase7.0% Negative increase80.2% Positive decrease6.1%
1997 Increase626.2 Increase10,096.0 Increase261.9 Increase4,221.9 Increase7.5% Negative increase85.7% Negative increase6.3%
1998 Increase652.8 Increase10,376.8 Increase275.8 Increase4,384.5 Increase3.1% Negative increase84.7% Negative increase6.4%
1999 Decrease640.4 Decrease10,035.0 Decrease256.6 Decrease4,020.3 Decrease-3.3% Negative increase64.9% Negative increase7.2%
2000 Increase700.3 Increase10,819.4 Increase274.3 Increase4,238.0 Increase6.9% Negative increase55.0% Positive decrease6.0%
2001 Decrease674.9 Decrease10,288.1 Decrease202.2 Decrease3,082.9 Decrease-5.8% Negative increase54.2% Negative increase7.8%
2002 Increase729.6 Increase10,988.4 Increase240.2 Increase3,617.2 Increase6.4% Negative increase45.1% Negative increase9.8%
2003 Increase786.9 Increase11,712.5 Increase314.8 Increase4,684.7 Increase5.8% Negative increase25.3% Negative increase9.9%
2004 Increase887.2 Increase13,045.3 Increase409.1 Increase6,015.7 Increase9.8% Increase8.6% Positive decrease9.7%
2005 Increase997.3 Increase14,483.1 Increase506.2 Increase7,350.9 Increase9.0% Increase8.2% Positive decrease9.2%
2006 Increase1,099.5 Increase15,768.3 Increase555.1 Increase7,961.1 Increase6.9% Increase9.6% Positive decrease8.7%
2007 Increase1,186.2 Increase16,804.9 Increase680.5 Increase9,640.6 Increase5.0% Increase8.8% Negative increase8.9%
2008 Increase1,218.8 Increase17,042.0 Increase770.8 Increase10,778.1 Increase0.8% Negative increase10.4% Negative increase9.8%
2009 Decrease1,167.4 Decrease16,089.1 Decrease648.8 Decrease8,941.4 Decrease-4.8% Increase6.3% Negative increase13.0%
2010 Increase1,281.0 Increase17,376.4 Increase776.6 Increase10,533.5 Increase8.4% Increase8.6% Positive decrease11.0%
2011 Increase1,454.1 Increase19,459.8 Increase838.5 Increase11,221.4 Increase11.2% Increase6.5% Positive decrease9.0%
2012 Increase1,550.7 Increase20,504.4 Increase880.1 Increase11,637.9 Increase4.8% Increase8.9% Positive decrease8.3%
2013 Increase1,703.7 Increase22,221.4 Increase957.5 Increase12,489.0 Increase8.5% Increase7.5% Negative increase8.9%
2014 Increase1,860.5 Increase23,945.5 Decrease938.5 Decrease12,079.3 Increase4.9% Increase8.9% Negative increase9.9%
2015 Increase2,022.9 Increase25,691.1 Decrease864.1 Decrease10,973.6 Increase6.1% Increase7.7% Negative increase10.3%
2016 Increase2,116.2 Increase26,513.6 Increase869.3 Decrease10,891.2 Increase3.3% Increase7.8% Negative increase10.9%
2017 Increase2,282.3 Increase28,242.5 Decrease858.9 Decrease10,628.9 Increase7.5% Negative increase11.1% Steady10.9%
2018 Increase2,406.5 Increase29,345.6 Decrease779.7 Decrease9,508.0 Increase3.0% Negative increase16.3% Steady10.9%
2019 Increase2,468.7 Increase29,688.0 Decrease759.5 Decrease9,132.9 Increase0.8% Negative increase15.2% Negative increase13.7%
2020 Increase2,546.9 Increase30,490.5 Decrease720.1 Decrease8,612.3 Increase1.9% Negative increase12.3% Positive decrease13.1%
2021 Increase2,953.9 Increase35,063.5 Increase817.5 Increase9,654.1 Increase11.4% Negative increase19.6% Positive decrease12.0%
2022 Increase3,352.0 Increase39,319.4 Increase905.8 Increase10,621.9 Increase5.0% Negative increase64.27% Positive decrease10.8%
2023 Increase3,613.5 Increase41,887.5 Increase1,118.6 Increase13,110.6 Increase4.5% Negative increase51.2% Positive decrease10.5%
2024 Increase3,805.6 Increase43,624.2 Increase1,340.6 Increase15,368.2 Increase3.0% Negative increase24.2% Steady10.5%
2025 Increase4,005.9 Increase45,423.9 Increase1,403.4 Increase16,103.2 Increase3.0% Negative increase17.2% Steady10.5%
2026 Increase4,215.2 Increase47,296.0 Increase1,454.2 Increase16,317.0 Increase3.0% Negative increase15.4% Steady10.5%
2027 Increase4,430.9 Increase49,213.2 Increase1,515.5 Increase16,832.4 Increase3.0% Negative increase12.0% Steady10.5%
2028 Increase4,659.0 Increase51,239.5 Increase1,575.9 Increase17,332.6 Increase3.0% Negative increase10.0% Steady10.5%

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 Trade and Services with 197,476 and 187,325 companies respectively.[50]

Agricultural sector

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.
These paragraphs are an excerpt from Agriculture in Turkey.[edit]

Agriculture is still an important sector of Turkey's economy, and the country is one of the world's top ten agricultural producers.[51] Wheat, sugar beet, milk, poultry, cotton, vegetables and fruit are major products;[52] and Turkey is the world's largest grower of hazelnuts,[53] apricots,[52] and oregano.[54]

Half of Turkey's land is agricultural,[52] and farming employs about 15% of the workforce,[55] but under half a million farmers.[56][57] It provides about 10% of exports[58] and over 5% of gross domestic product (GDP).[59] Over 380 billion lira of agricultural subsidy is budgeted for 2024.[60]

Despite being a major food producer, Turkey is a net wheat importer, much of it coming from Russia and Ukraine.[61] Turkey is the European Union (EU)'s fourth largest vegetable supplier and the seventh largest fruit supplier. Turkey would like to extend the EU Customs Union Agreement to agricultural products.[62]

Around half of Turkey's agricultural greenhouse gas is due to cattle.[c] According to the World Bank, the sector should adapt more to climate change in Turkey and make technical improvements.[56] Strategic planning is the responsibility of the Ministry of Agriculture and Forestry, but no plan for 2024 onwards has yet been published.[64][65] Almost all the seeds used in Turkey are produced domestically.[66]

Industrial sector

Consumer electronics and home appliances

Turkish brands like Beko and Vestel are among the largest producers of consumer electronics and home appliances in Europe.

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.[67] 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.[68] Another Turkish electronics brand, Profilo Telra, was Europe's third-largest TV producer in 2005.[69]

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.[70]

Motor vehicles and automotive products

Main article: Automotive industry in Turkey
1966 Anadol A1 (left) and 1973 Anadol STC-16 (right) at the Rahmi M. Koç Museum in Istanbul. Devrim (1961) was the first Turkish car.

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,[71] ranking as the 13th largest producer in the world (production peaked at 1,695,731 motor vehicles in 2017, when Turkey also ranked 13th).[72] 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.[73]

Togg T10X SUV[74] and Togg T10S sedan produced by Togg,[75] a Turkish automotive company which manufactures EVs[76][77][74]

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.[78][79]

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.[citation needed] Togg is a new Turkish automotive company established in 2018 for producing EVs.[76][80] Togg's factory in Gemlik, Bursa Province, was inaugurated on 29 October 2022, the 99th anniversary of the Turkish Republic.[77]

Turkish automotive companies like TEMSA, Otokar and BMC are among the world's largest van, bus and truck manufacturers.[citation needed]

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.[81] 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.[82]

Multiple unit trains, locomotives and wagons

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.[citation needed]

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

Defence industry

Main article: Defense industry of Turkey
The TAI TF Kaan, a twin-engine fifth generation air superiority fighter, is currently being produced by TAI for the Turkish Air Force.[83][84][85][86][87] TAI Anka-3, a jet-powered flying wing type UCAV with stealth technology, completed its maiden flight on December 28, 2023.[88][89][90]
TCG Anadolu (L-400) at the Bosporus strait during the naval parade for celebrating the centennial of the Turkish Republic on October 29, 2023. Baykar MIUS Kızılelma is a jet-powered UCAV designed to operate on TCG Anadolu.[91][92][93][94][95]
TCG Istanbul (F-515), the lead ship of the Istanbul-class frigates, at the Bosporus strait, October 29, 2023. The construction of the TF-2000-class destroyers will begin in 2024.

Turkey has many modern armament manufacturers. Annual exports reached $1.6 billion in 2014.[96] 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.[97][98] 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.[citation needed]

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.[citation needed]

Steel-Iron industry

Turkey ranks 8th in the list of countries by steel production. In 2013, total steel production was 35.134 million tonnes. [99] Turkey's crude steel production reached a record high of 34.1 million tons in 2011.[100] Notable producers (above 2 million tonnes) and their ranks among top steel producing companies.[101]

  • 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

Main article: Science and technology in Turkey

Turkey boasts over 80 technoparks where around 6,000 national and multinational companies engage in R&D activities.[102] TÜBİTAK is the leading agency for developing science, technology and innovation policies in Turkey.[103] The Turkish Academy of Sciences is an autonomous scholarly society acting to promote scientific activities in Turkey.[104] 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.[105]

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.[106][107][108][obsolete source]

Construction and contracting sector

Main article: Turkish construction and contracting industry

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.[109][110] From the beginning of the 1970s to the end of 2022, Turkish contractors have completed more than 11,605 projects in 133 countries.[111] Their business volume abroad has reached 472 billion US Dollars in 2022.[111]

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.[112] 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.[113]

Service sector

Banking and finance

Main article: Banking in Turkey
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.[114][115][116]

In 2020, the total value of assets of the banking sector in Turkey amounted to more than $800 billion.[117] As of January 2021, there were a total of 48 banks operating with 9,880 branches in Turkey and 71 branches abroad.[118] As of October 2021, the foreign currency deposits of the citizens and residents in Turkish banks stood at $234 billion, equivalent to around half of all deposits.[119][120] As of March 2023, the foreign currency reserves of the Turkish Central Bank were $62.6 billion (a 2.3% increase compared to the previous month), its gold reserves were $52.2 billion (a 7.2% increase compared to the previous month), while its official reserve assets stood at $122.4 billion (a 4.3% increase compared to the previous month).[121]

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.

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.[122]

Akbank, Türkiye İş Bankası, Yapı Kredi, QNB Finansbank and Garanti BBVA are among the Turkish banks headquartered in Levent, Istanbul.

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 Central Bank (established as the Bank-ı Osmanî in 1856, and later reorganized as the Bank-ı Osmanî-i Şahane in 1863)[123] and the Ottoman Stock Exchange (1866) were located.[124] 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.[124] In 1995, the Istanbul Stock Exchange moved to its current building in the Istinye quarter.[125] The Istanbul Gold Exchange was also established in 1995. The stock market capitalisation of listed companies in Turkey was valued at $161,537,000,000 in 2005 by the World Bank.[126]

Government regulations passed in 1929 required all insurance companies to reinsure 30% of each policy with the Millî Reasürans T.A.Ş. (National Reinsurance Corporation) which was founded on 26 February 1929.[127]

After years of low levels of foreign direct investment (FDI), in 2007 Turkey succeeded in attracting $21.9 billion in FDI and is expected to attract a higher figure in following years.[128]

Between 2001 and 2008, the Turkish lira maintained its stability, becoming an internationally exchangeable currency again, in line with the inflation that had dropped to single-digit figures during this period.

Söğütözü business district in Ankara, Turkey's capital and second largest city
The Mistral Towers,[129] Folkart Towers[130] and Ege Perla Towers[131] in Bayraklı, İzmir, Turkey's third largest city

The "New Turkish lira" (TRY) was introduced on 1 January 2005.[132] For a few days in March 2006, 1 New Turkish lira was slightly more valuable than 1 Swiss franc (1 CHF = 0.994 TRY on March 1, 2006),[133] maintaining a close balance with the value of the Swiss franc until the end of December 2007.[134] On 1 January 2009, the New Turkish lira was renamed once again as the "Turkish lira", with the introduction of new banknotes and coins. Fiscal deficit benefitted (though in a small amount) from large industrial privatizations. Banking came under stress beginning in October 2008, as a result of the 2008 global financial crisis. Turkish banking authorities warned state-run banks against the pullback of loans from the larger financial sectors.[135] 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 2023.

Transport

Turkish Airlines, flag carrier of Turkey, has been selected by Skytrax as Europe's best airline for five years in a row (2011–2015).[136][137] With destinations in 129 countries worldwide, Turkish Airlines is the largest carrier in the world by number of countries served as of 2019.[138]
Main article: Transport in Turkey
Istanbul Airport is the main international airport serving Istanbul, Turkey. It is a major hub in the world.
A TCDD HT80000 high-speed train of the Turkish State Railways at the ATG terminal in Ankara

In 2013 there were ninety-eight airports in Turkey,[139] including 22 international airports.[140] As of 2015, 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.[141] 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.[142][143][144]

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.[145]

The 1915 Çanakkale Bridge on the Dardanelles strait, connecting Europe and Asia, is the longest suspension bridge in the world.[146][147][148]

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.[149]

As of 2010, the Turkish merchant marine included 1,199 ships (604 registered at home), ranking 7th in the world.[150] Turkey's coastline has 1,200 km of navigable waterways.[150]

In 2008, 7,555 kilometres (4,694 mi) of natural gas pipelines and 3,636 kilometres (2,259 mi) of petroleum pipelines spanned the country's territory.[150]

Communications

Main article: Communications in Turkey

As of 2008, there were 17,502,000 operational landline telephones in Turkey, which ranked 18th in the world;[150] while there were 65,824,000 registered mobile phones in the country, which ranked 15th in the world during the same year.[150] The largest landline telephone operator is Türk Telekom, which also owns TTNET, the largest internet service provider in Turkey.[citation needed] The largest mobile phone operators in the country are Turkcell, Vodafone Turkey, Avea and TTNET Mobil.[citation needed]

The telecommunications liberalisation process started in 2004 after the creation of the Telecommunication Authority, and is still ongoing.[citation needed] Private sector companies operate in mobile telephony, long-distance telephony and Internet access. Additional digital exchanges are permitting a rapid increase in subscribers;[citation needed] 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.[150]

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.[150]

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.[150] In 2002, there were 12 Intelsat satellite earth stations; and 328 mobile satellite terminals in the Inmarsat and Eutelsat systems.[150]

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.[citation needed]

As of 2001, there were 16 AM, 107 FM, and 6 shortwave radio stations in the country.[150][needs update]

As of 2015, there were 42,275,017 internet users in Turkey, which ranked 15th in the world;[150] while as of 2012, there were 7,093,000 internet hosts in the country, which ranked 16th in the world.[150]

Ölüdeniz on the Turkish Riviera
Public Başakşehir Çam and Sakura City Hospital in Istanbul

Tourism

Main article: Tourism in Turkey

In 2019, Turkey ranked sixth in the world in terms of the number of international tourist arrivals, with 51.2 million foreign tourists visiting the country.[151] Over the years, Turkey has emerged as a popular tourist destination for many Europeans, competing with other Mediterranean locations 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.[citation needed]

Medical tourism

Main article: Health care in Turkey

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.[152] 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.[152]

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.[153] 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

Main articles: List of countries by GDP (PPP) and List of countries by past and projected GDP (PPP)

The following table is an OECD Long Term Projections made in February 2022[clarification needed]for largest 16 economies by GDP using PPP exchange rates from 2030 to 2060.[154]

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
 China 26,656  China 36,977  China 47,306  China 54,765  China 62,140
 United States 22,675  United States 24,302  United States 28,063  India 33,363  India 42,204
 India 10,181  India 16,603  India 25,083  United States 32,119  United States 36,527
 Japan 5,585  Japan 5,632  Indonesia 7,507  Indonesia 9,846  Indonesia 12,320
 Germany 4,743  Indonesia 5,309  Japan 5,908  Japan 6,060  Turkey 7,068
 Russia 4,328  Germany 4,566  Germany 4,914  Turkey 5,934  Japan 6,333
 Indonesia 3,507  Russia 4,233  Turkey 4,776  Germany 5,362  Germany 5,891
 Brazil 3,328  Brazil 3,759  Russia 4,624  Brazil 5,168  Brazil 5,746
 France 3,231  Turkey 3,653  Brazil 4,492  Russia 4,882  Mexico 5,407
 United Kingdom 3,174  United Kingdom 3,375  Mexico 3,832  Mexico 4,620  Russia 5,340
 Turkey 2,749  France 3,267  United Kingdom 3,800  United Kingdom 4,249  United Kingdom 4,768
 Mexico 2,613  Mexico 3,073  France 3,679  France 4,148  France 4,736
 Italy 2,610  South Korea 2,675  South Korea 2,866  Italy 2,959  Italy 3,366
 South Korea 2,436  Italy 2,499  Italy 2,692  South Korea 2,880  Australia 3,104
 Canada 2,027  Spain 2,094  Canada 2,370  Saudi Arabia 2,698  Saudi Arabia 3,066
 Spain 1,959  Canada 2,062  Saudi Arabia 2,362  Canada 2,694  Canada 3,046

External trade and investment

Turkey joined the European Union Customs Union (EUCU) in 1995
Members and observers of the Organization of Turkic States
Members of the International Organization of Turkic Culture
See also: Free trade agreements of Turkey

As 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.[155] 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.[156] In addition to the European-Turkish Customs Union, the Turkish government has signed free-trade agreements with 22 countries.[157]

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.[158]

The construction and contracting companies, such as Enka, Rönesans Holding and Tekfen, have been significant players in the country's economy.[159]

Without a carbon price exporters to the European Union will have to pay the EU Carbon Border Adjustment Mechanism from 2026,[160] and in 2024 they started hedging against this by buying EU Allowances.[48]

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.[161][162][163][vague]

Natural resources

Energy

This section is an excerpt from Energy in Turkey § Economics.[edit]
According to some studies a coal-phase out in favour of renewable energy would increase employment.[164][165]

Turkey's energy trade deficit was over $US80 billion in 2022,[166] causing a large foreign trade deficit.[167] Europe supports energy efficiency and renewable energy via the €1 billion Mid-size Sustainable Energy Financing Facility (MidSEFF) to finance investments in these areas.[168][169] Energy subsidies amounted to 200 billion lira in 2021.[170] Up to 150kWh per month of free electricity is provided to two million poor families.[171]

Fatih Birol, the head of the International Energy Agency said in 2019 that, because of its falling price, the focus should be on maximizing onshore wind power in Turkey.[172] The economics of coal power has been modelled by Carbon Tracker.[173] They estimate that for new plants both wind and solar is already cheaper than coal power.[174] And they forecast that existing coal plants will be more expensive than new solar by 2023 and new wind by 2027.[174]

Most energy deals in 2019 were for renewables, and over half the investment in these was from outside the country.[175] The external costs of fossil fuel consumption in 2018 has been estimated as 1.5% of GDP.[176] The government sets the price of residential gas and electricity,[177] and as of 2018, for residential consumers, "high cost is the most important problem of Turkey's energy system".[178]

In 2022, the energy import bill was 97 billion USD. Keeping consumer prices low is a political priority.[166]

Renewable energy

These paragraphs are an excerpt from Renewable energy in Turkey.[edit]

Renewables supply a quarter of energy in Turkey, including heat and electricity. Some houses have rooftop solar water heating, and hot water from underground warms many spas and greenhouses. In parts of the west hot rocks are shallow enough to generate electricity as well as heat. Wind turbines, also mainly near western cities and industry, generate a tenth of Turkey’s electricity. Hydropower, mostly from dams in the east, is the only modern renewable energy which is fully exploited. Hydropower averages about a fifth of the country's electricity, but much less in drought years.[179] Apart from wind and hydro, other renewables; such as geothermal, solar and biogas; together generated almost a tenth of Turkey’s electricity in 2022.[180] Türkiye has ranked 5th in Europe and 12th in the world in terms of installed capacity in renewable energy. The share of renewables in Türkiye’s installed power reached to 54% at the end of 2022.[181]

Turkey has a long history of wood burning, windmills, and bathing in hot springs. Many dams were built from the mid-20th to early 21st century, but some say that governments have not allowed civil society enough influence on energy policy, leading to protests against building dams, geothermal power plants, and at least one wind farm.[182] Despite Turkey’s sunny climate solar power is underdeveloped. As the electricity system is already flexible increasing to 70% renewables is easily feasible.[183]: 21 Solar power could be expanded more quickly if the electricity grid was improved faster and energy policy revised, especially by abolishing fossil fuel subsidies.

Many hybrid power plants are planned, and batteries are being integrated. Companies with a lot of renewables include the state electricity generation company (mainly hydro), Aydem, and Kalyon. If renewables could help phase-out coal by 2030, instead of by the national net zero greenhouse gas emissions target year of 2053, that would have significant health benefits. As of 2022 renewables are not sufficient to meet that target year.[184] Various electric vehicles are being manufactured, which will use some of the increased renewable generation and help reduce air pollution.

Fossil fuels

Gas
This section is an excerpt from Gas in Turkey.[edit]
Medium-sized ship viewed from starboard. Painted mostly red with the Turkish crescent and star in white near the bow. Above the bow is a helicopter deck and there is a large derrick amidships. Two small cranes are built into the side of the ship.
The Kanuni has drilled in the Black Sea.[185]

Natural gas supplies over a quarter of Turkey's energy.[186][187] The country consumes 50 to 60 billion cubic metres of this natural gas each year,[188][189] nearly all of which is imported. A large gas field in the Black Sea however started production in 2023.[190]

After the 2022 Russian invasion of Ukraine several European countries stopped buying Russian oil or gas, but Turkey's relations with Russia are good enough that it continues to buy both.[191][192] Turkey receives almost half of its gas from Russia.[189] As of 2023 wholesale gas is expensive and a large part of the import bill.

Households buy the most gas, followed by industry and power stations.[193] Over 80% of the population has access to gas,[194] and it supplies half the country's heating requirements.[188] As the state owned oil and gas wholesaler BOTAŞ has 80% of the gas market,[186]: 16  the government can and does subsidize residential and industrial gas consumers.[195] All industrial and commercial customers, and households using more than a certain amount of gas, can switch suppliers.[186]
Oil
This section is an excerpt from Oil in Turkey.[edit]
A large, low ship in front of a city skyline
Tankers, like this one in the Bosporus, are one way to export oil from Central Asia.

Oil supplies over a quarter of Turkey's energy.[196][197] Because the country produces very little oil,[198] it is almost completely dependent on imports of oil and oil products such as petrol and diesel,[199] over half of which is consumed in the country's road vehicles.[200] Turkey is the world's largest user of liquefied petroleum gas (LPG) for road transport.[201]

Because Turkey produces only 7% of the oil it consumes, the country's total imports are worth more than its exports, which is a problem for its economy.[202] After the 2022 Russian invasion of Ukraine, several European countries stopped buying Russian oil, petrol and diesel but Turkey's relations with Russia are such that it supplies most such imports.[203][204][205]
Coal
This section is an excerpt from Coal in Turkey.[edit]
Government-owned Turkish Coal Operations Authority mine in Yeniköy, Milas

Coal supplies a quarter of Turkey's primary energy.[206] The heavily subsidised coal industry generates over a third of the country's electricity[207] and emits a third of Turkey's greenhouse gases.

Coal is a major contributor to air pollution, and damages health across the nation, being burnt even in homes and cities.[208] It is estimated that a phase out of coal power in Turkey by 2030 instead of by the 2050s would save over 100 thousand lives.[209] Flue gas emission limits are in place, but data from mandatory reporting is not made public.

Over 90% of coal mined in Turkey is lignite (brown coal),[206] which is more polluting than other types of coal.[210] Turkey's energy policy encourages mining lignite for coal-fired power stations in order to reduce gas imports;[207] and coal supplies over 40% of domestic energy production.[211] Mining peaked in 2018, at over 100 million tonnes,[212] declined considerably in 2019,[213] but increased again in 2022.[214] Most coal is imported,[215][216] as in contrast to local lignite production, Turkey imports most of its bituminous coal from Russia.[217] Coal consumption probably peaked in 2022.[214] The largest coalfield in Turkey is Elbistan.[218]

Minerals

Marble quarries in Turkey. Turkey's reserves amount to 72% of the world's total.[citation needed]

Turkey is the tenth-ranked producer of minerals in the world in terms of diversity. Around 60 different minerals are currently produced in Turkey. The richest mineral deposits in the country are boron salts, Turkey's reserves amount to 72% of the world's total.[citation needed] According to the CIA World Factbook, other natural resources include iron ore, copper, chromium, uranium, antimony, mercury, gold, silver, barite, borate, celestine (strontium), emery, feldspar, limestone, magnesite, marble, perlite, pumice, pyrites (sulfur) and clay.[citation needed]

In 2019, the country was the world's 2nd largest producer of chromium;[219] the largest producer of boron;[220] 6th largest producer of antimony;[221] 9th largest producer of lead;[222] 13th largest producer of iron ore;[223] 11th largest producer of molybdenum;[224] 4th largest producer of gypsum;[225] 15th largest producer of graphite;[226] in addition to being the 11th largest producer of salt.[227]

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.[228] World class deposits include Kisladag Mine 17Moz and Copler 10Moz. The country hosts 18 mid sized deposits from 1-10Moz gold, these include the Kiziltepe Gold Mine, Salinbas, Hod Maden, Ovacik and Efemcukuru.[citation needed]

Environment

See also: Environmental issues in Turkey
Renewable energy increases employment in Turkey.[citation needed]

Almost all post-covid stimulus was detrimental to the environment, with Russia being the only worse country.[229] In the 21st century, Turkey's fossil fuel subsidies are around 0.2% of GDP,[230][231] including at least US$14 billion (US$169 per person) between January 2020 and September 2021.[232] Data on finance for fossil fuels by state-owned banks and export credit agencies is not public.[233] As of 2023 fossil gas is subsidized more than electricity - equalizing the subsidies would benefit the environment.[234]

Employment

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%.[235]

In 2021 trade unions complained that TurkStat data showed unemployment falling whereas that of the government employment agency showed it rising.[236][needs update?] Environmentalists argue that some actions to improve the environment would also benefit the economy, for example: that investing in wind power in Turkey and solar power in Turkey would create jobs and is competitive with fossil fuels.[237]

Poverty

Main article: Poverty in Turkey

Turkey made steady progress in reducing poverty from the early 2000s to the mid-2010s.[238][239][vague]

Regional disparities

See also: List of Turkish provinces by GDP

According to Eurostat data, Turkish GDP per capita adjusted by purchasing power standards stood at 64 percent of the EU average in 2018.[240] Istanbul has both the largest GDP and GDP per capita in Turkey.

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.[241] 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.[citation needed]

See also

Notes

  1. ^ Istanbul straddles both Europe and Asia, with its commercial and historical centre and two-thirds of the population in Europe, the rest in Asia. Since Istanbul is a transcontinental city, Moscow is the largest city entirely within Europe.
  2. ^ Istanbul total (2023) = 15,655,924[1]
    Europe (25 districts) = 10,030,990[1]
    Asia (14 districts) = 5,624,934[1]
  3. ^ Total 72 Mt: 27 Mt enteric fermentation + 61% of 9 Mt manure management = 32 Mt + unknown share of agricultural soils.[63]: 240, 257 

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