Economy of Turkey

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Template:Infobox economy Template: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.[1][2]

Turkey has an emerging free-market economy.[3] It ranked as the 16th-largest in the world and 7th-largest in Europe by nominal GDP in 2025.[4] It also ranked as the 11th-largest in the world and 5th-largest in Europe by PPP in 2025.[4] Turkey's rapid economic growth since the 2000s was stranded by the economic crisis in 2018, but it began to recover in 2021.[4][5] Turkey's USD-based nominal GDP per capita and GDP-PPP per capita have eventually reached their all-time peak values in 2024.[4][5][6]

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.[7]

As the fourth-most-visited destination in the world,[8] Turkey has a large tourism industry, which accounted for 12% of the country's total GDP in 2023.[9] First established in 2000, many technoparks were pioneered by Turkish universities, now hosting over 1,600 R&D centers that draw investment by both domestic and international corporations.[10] 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.[11]

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.[12] A period of strong economic growth between 2002 and 2013 (except for 2009 due to the 2008 financial crisis)[13] was followed by a period of stagnation and recession in terms of USD-based nominal GDP figures between 2014 and 2020,[13] 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.[13] Since 2021, there has been a steady recovery and rapid growth in Turkey's USD-based nominal GDP and GDP-PPP figures,[4][5] which have reached their all-time highest values in both 2023 and 2024.[4][5]

Growth-focused and populist financial policies, such as the preference to keep interest rates as low as possible (dubbed Erdoganomics)[14][15] have led to one of the world's highest inflation rates since 2018.[16] Following the Turkish parliamentary and presidential elections in 2023, and the appointment of Mehmet Şimşek as the Minister of Treasury and Finance, Turkey has adopted a more orthodox monetary policy regarding interest rates and has succeeded in gradually decreasing inflation from 86% in late 2022 to 31% in late 2025.[16][17]

History

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

The economy of the Ottoman Empire was characterised by international trade and commerce, silk and textile weaving, agriculture, dairy farming and pastoralism. The Empire's economy began to stagnate in the 18th century, after it lost important territories in Central and Eastern Europe. By then, the Empire had also lost its monopoly in spice and silk trade between Asia and Europe, as a result of the discovery of new maritime routes which increasingly replaced the Ottoman-controlled land routes.[18] Several other factors also led to the relative economic obsolescence of the late Ottoman Empire, such as its failure to immediately adapt to the innovative methods in industrial production that were introduced with the First Industrial Revolution in the 18th and 19th centuries; though improvements in industrial production took place during and after the Tanzimat reforms, in the late 19th and early 20th centuries.[19]

The economic history of the modern Republic of Turkey has four eras. The first era's development policy, put into motion with Atatürk's reforms, was defined by the transition from a mainly agricultural economy into a more diversified and industrialized economy. It emphasized on private accumulation between 1923 and 1929. The second era's focus was on state accumulation in a period of global crises between 1929 and 1945. The third era focused on state-guided industrialization based on import-substituting protectionism between 1950 and 1980. The fourth and current era began with the opening of the economy to liberal trade in goods, services, and financial market transactions on January 24, 1980.

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.[citation needed]
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 2023 (with IMF staff estimates for 2024–2029). Inflation below 10% is in green.[20]

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% Template:DecreasePositive7.5%
1984 Increase240.6 Increase4,857.9 Decrease82.6 Decrease1,668.5 Increase6.8% Negative increase48.4% Template:DecreasePositive7.4%
1985 Increase258.8 Increase5,116.5 Increase92.8 Increase1,835.2 Increase4.3% Negative increase44.5% Template:DecreasePositive6.9%
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% Template:DecreasePositive8.6%
1990 Increase397.4 Increase7,159.3 Increase207.5 Increase3,738.2 Increase9.3% Negative increase60.3% Template:DecreasePositive8.0%
1991 Increase414.7 Increase7,344.8 Increase208.4 Decrease3,691.4 Increase0.9% Negative increase66.0% Template:DecreasePositive7.7%
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% Template:DecreasePositive8.0%
1995 Increase525.4 Increase8,729.4 Increase233.6 Increase3,880.9 Increase7.2% Negative increase89.6% Template:DecreasePositive7.1%
1996 Increase572.5 Increase9,368.7 Increase250.5 Increase4,099.2 Increase7.0% Negative increase80.2% Template:DecreasePositive6.1%
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% Template:DecreasePositive6.0%
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% Template:DecreasePositive9.7%
2005 Increase997.3 Increase14,483.1 Increase506.2 Increase7,350.9 Increase9.0% Increase8.2% Template:DecreasePositive9.2%
2006 Increase1,099.5 Increase15,768.3 Increase555.1 Increase7,961.1 Increase6.9% Increase9.6% Template:DecreasePositive8.7%
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% Template:DecreasePositive11.0%
2011 Increase1,454.1 Increase19,459.8 Increase838.5 Increase11,221.4 Increase11.2% Increase6.5% Template:DecreasePositive9.0%
2012 Increase1,550.7 Increase20,504.4 Increase880.1 Increase11,637.9 Increase4.8% Increase8.9% Template:DecreasePositive8.3%
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% Template:DecreasePositive13.1%
2021 Increase2,953.9 Increase35,063.5 Increase817.5 Increase9,654.1 Increase11.4% Negative increase19.6% Template:DecreasePositive12.0%
2022 Increase3,009.8 Increase35,293.4 Increase905.8 Increase10,621.4 Increase5.5% Negative increase72.3% Template:DecreasePositive10.8%
2023 Increase3,277.5 Increase38,390.9 Increase1,129.9 Increase13,235.8 Increase5.1% Negative increase53.8% Template:DecreasePositive10.5%
Numbers below are 2024 IMF Estimates[21]
2024 Increase3,456.7 Increase40,283.3 Increase1,344.3 Increase15,665.9 Increase3.0% Negative increase60.9% Template:DecreasePositive10.4%
2025 Increase3,614.5 Increase41,913.6 Increase1,455.4 Increase16,876.5 Increase2.7% Negative increase32.9% Steady10.4%
2026 Increase3,801.0 Increase43,865.0 Increase1,477.3 Increase17,048.6 Increase3.2% Negative increase19.2% Steady10.4%
2027 Increase4,002.5 Increase45,976.9 Increase1,565.5 Increase17,982.6 Increase3.4% Negative increase15.9% Steady10.4%
2028 Increase4,226.6 Increase48,333.7 Increase1,660.5 Increase18,988.9 Increase3.6% Negative increase15.0% Steady10.4%
2029 Increase4,471.8 Increase50,917.766 Increase1,764.2 Increase20,088.2 Increase3.8% Negative increase15.0% 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.[22]

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.
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Industrial sector

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Heavy industry is tending to move out of the EU due to Turkey's laxer pollution regulations and cheaper energy.[23]

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.[24] 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.[25] Another Turkish electronics brand, Profilo Telra, was Europe's third-largest TV producer in 2005.[26]

Textiles and clothing

Turkey is the world's fifth-largest exporter of textiles, 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.[27]

Motor vehicles and automotive products

Main article: Automotive industry in Turkey
File:Anadol A1 in red.jpg
File:Rahmi Koç Museum DSC 1325 (17478786313).jpg
A 1966 Anadol A1 (left) and a 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,[28] ranking as the 13th largest producer in the world (production peaked at 1,695,731 motor vehicles in 2017, when Turkey also ranked 13th).[29] 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.[30]

File:Togg Models.jpg
File:Togg Sedan Back.jpg
Togg T10X SUV[31] and Togg T10F sedan produced by Togg,[32] a Turkish automotive company which manufactures EVs[33][34][31]

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.[35][36]

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.[33][37] Togg's factory in Gemlik, Bursa Province, was inaugurated on 29 October 2022, the 99th anniversary of the Turkish Republic.[34]

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.[38] 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.[39]

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.[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
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.[40][41][42][43] TAI Anka-3, a flying wing type stealth UCAV, completed its maiden flight on December 28, 2023.[44][45][46][47]
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. The Bayraktar TB3[48][49][50] and the jet-powered, low-observable Kızılelma are two UCAVs designed to operate on TCG Anadolu.[51][52][53][54] The construction of the first MUGEM-class aircraft carrier, the first Tepe-class destroyer and the first Atılay-class submarine began on January 2, 2025.[55][56]

Turkey has many modern armament manufacturers. Annual exports reached $1.6 billion in 2014.[57] 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.[58] 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 stealth air superiority fighter, Tepe-class destroyer, Istanbul-class frigate, Ada-class corvette, Atılay-class submarine, TAI Anka-3 flying wing type stealth UCAV, Baykar MIUS Kızılelma UCAV, Baykar Akıncı HALE UCAV, Baykar Bayraktar TB2 MALE UCAV, Baykar Bayraktar TB3 carrier-based 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.[59] Turkey's crude steel production reached a record high of 34.1 million tons in 2011.[60] Notable producers (above 2 million tonnes) and their ranks among top steel producing companies.[61]

  • 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.[62] TÜBİTAK is the leading agency for developing science, technology and innovation policies in Turkey.[63] The Turkish Academy of Sciences is an autonomous scholarly society acting to promote scientific activities in Turkey.[64] 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.[65]

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.[66][67][68]Template: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.[69][70] From the beginning of the 1970s to the end of 2022, Turkish contractors have completed more than 11,605 projects in 133 countries.[71] Their business volume abroad has reached 472 billion US Dollars in 2022.[71]

File:Istanbul Financial Center and the skyline of the Atasehir district on the Asian side of Istanbul.jpg
IFC and the skyline of Ataşehir district on the Asian side of Istanbul. The construction sector plays an important role in Turkey's economy.

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.[72] The two major earthquakes on 6 February 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.[73]

Service sector

Banking and finance

Main article: Banking in Turkey
File:Istanbul Finance Center skyscraper area (vertical).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).[74][75]

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)[76] and the Ottoman Stock Exchange (1866) were located.[77] 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.[77]

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.[78] In 1995, the Istanbul Stock Exchange moved to its current building in the Istinye quarter.[79] 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.[citation needed]

The "New Turkish lira" (TRY) was introduced on 1 January 2005.[80] 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.[81]

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.[82] As of January 2021, there were a total of 48 banks operating with 9,880 branches in Turkey and 71 branches abroad.[83] 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.[84][85] As of October 2024, 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.[86]

Transport

Main article: Transport in Turkey
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).[87][88] With destinations in 129 countries worldwide, Turkish Airlines is the largest carrier in the world by number of countries served as of 2024.[89]
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 98 airports in Turkey,[90] including 22 international airports.[91] As of 2015, Istanbul Atatürk Airport was the 11th busiest airport in the world, serving 31,833,324 passengers between January and July 2014, according to Airports Council International.[92] 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.[93][94]

File:1915 Çanakkale Bridge1.JPG
The 1915 Çanakkale Bridge on the Dardanelles strait, connecting Europe and Asia, is the longest suspension bridge in the world.[95][96][97]

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.[98]

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.[99]

As of 2010, the Turkish merchant marine included 1,199 ships (604 registered at home), ranking 7th in the world.[100] Turkey's coastline has 1,200 km of navigable waterways.[100]

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.[100]

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;[100] while there were 65,824,000 registered mobile phones in the country, which ranked 15th in the world during the same year.[100] 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.[100]

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.[100]

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.[100] In 2002, there were 12 Intelsat satellite earth stations; and 328 mobile satellite terminals in the Inmarsat and Eutelsat systems.[100]

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.[100][needs update]

As of 2015, there were 42,275,017 internet users in Turkey, which ranked 15th in the world;[100] while as of 2012, there were 7,093,000 internet hosts in the country, which ranked 16th in the world.[100]

Tourism

Main article: Tourism in Turkey
File:Marmaris harbor (aerial view), Muğla Province, southwest Turkey, Mediterranean.jpg
Marmaris in the Turkish Riviera

In 2023, Turkey was the fifth most visited destination in the world, with 55.2 million foreign tourists visiting the country.[101][102] In 2019, Turkey ranked sixth in the world in terms of the number of international tourist arrivals, with 51.2 million foreign visitors.[103]

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.[104]

Medical tourism

Main article: Health care in Turkey
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.[105] 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.[105]

Largest companies

Main article: List of companies of Turkey
File:View of Levent financial district from Istanbul Sapphire.jpg
Levent business district on the European side of Istanbul

In 2025, 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.[106]

The banking industry leads with four companies in the list, followed by the airline, automotive and retailer industries with one company each. There are also three conglomerates.

As of 2025, the listed public companies were:

World Rank Company Industry Revenue
(billion $)		 Profits
(billion $)		 Assets
(billion $)		 Market Value
(billion $)
616 Turkish Airlines Airline 22.68 3.45 39.58 11.37
685 VakıfBank Banking 24.85 1.5 115.77 5.49
700 İş Bankası Banking 25.37 1.39 109.18 6.97
793 Akbank Banking 18.52 1.29 75.03 6.97
837 Koç Holding Conglomerate 66.63 0.03 110.52 9.6
885 Halkbank Banking 22.24 0.67 88.91 3.73
1027 Sabancı Holding Conglomerate 26.81 -0.43 86.92 4.23
1215 Ford Otosan Automotive Industry 17.13 1.12 9.24 8.48
1737 BIM Retailer 14.94 0.53 6.67 7.22
1870 Anadolu Grubu Conglomerate 16.21 0.14 15.38 1.81

Long-term GDP forecasts

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

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.[107]

Template:Mw-datatableTemplate:Sticky headerTemplate:Sort underTemplate:Table alignment

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

External trade and investment

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.[108] 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.[109] In addition to the European-Turkish Customs Union, the Turkish government has signed free-trade agreements with 22 countries.[110]

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.[111]

The construction and contracting companies, such as Enka, Rönesans Holding and Tekfen, have been significant players in the country's economy.[112] The Turkish emissions trading system is a response to the EU Carbon Border Adjustment Mechanism but is handicapped by technological lock-in - for example coal power plants built in the 2010s.[113] As of 2026 it is in pilot phase.[114][115]

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.[116][117][118][vague]

Trade statistics[119][120][121]
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

Energy

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Renewable energy

File:Wind turbines in Bozcaada.jpg
Wind turbines on the island of Bozcaada in the far west
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Fossil fuels

The Right to Clean Air Platform has estimated that the lack of a legal limit on fine particulate air pollution has cost the economy 10% of GDP in 2024.[122]

Gas
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Oil
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Coal
page-not-found

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;[123] the largest producer of boron;[124] 6th largest producer of antimony;[125] 9th largest producer of lead;[126] 13th largest producer of iron ore;[127] 11th largest producer of molybdenum;[128] 4th largest producer of gypsum;[129] 15th largest producer of graphite;[130] in addition to being the 11th largest producer of salt.[131]

As a gold producer Turkey is currently ranked 22nd globally. Hosting some of the largest gold deposits on the European continent it is currently Europe's largest gold producer, producing 42 tonnes of gold in 2020.[132] World class deposits include Kisladag Mine 17Moz and Copler 10Moz.[citation needed]

Environment

See also: Environmental issues in Turkey

Almost all "post-COVID" stimulus was detrimental to the environment, with Russia being the only worse country.[133] In the 21st century, Turkey's fossil fuel subsidies are around 0.2% of GDP,[134][135] including at least US$14 billion (US$169 per person) between January 2020 and September 2021.[136] Data on finance for fossil fuels by state-owned banks and export credit agencies is not public.[137]

As of 2023 fossil gas is subsidized more than electricity - equalizing the subsidies would benefit the environment.[138]

Employment

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The minimum wage in Turkey is ₺ 28,075 (US$ 652.41) as of 1 January 2025.[139][140] In 2022 the daily median income was US$ 19.94 (PPP).[141]

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%.[142]

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.[143][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.[144]

Poverty

Main article: Poverty in Turkey

Turkey made steady progress in reducing poverty from the early 2000s to the mid-2010s, after which the trend levelled off.[145][146][vague] In 2022, social security expenditure stood at 12.4% of GDP according to OECD data.[147]

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.[148] Istanbul has the largest GDP, while Kocaeli comes first in GDP per capita.[149]

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.[150] 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.[151]

See also

Notes

References

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  127. ↑ "USGS Iron Ore Production Statistics" (PDF).
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  129. ↑ "USGS Gypsum Production Statistics" (PDF).
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  134. ↑ Acar, Sevil; Challe, Sarah; Christopoulos, Stamatios; Christo, Giovanna (2018). "Fossil fuel subsidies as a lose-lose: Fiscal and environmental burdens in Turkey" (PDF). New Perspectives on Turkey. 58: 93–124. doi:10.1017/npt.2018.7. S2CID 149594404. Archived from the original (PDF) on 27 February 2020.
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  139. ↑ "Ce qui change en Turquie au 1ᵉʳ janvier 2025 : salaires, taxes et nouvelles règles". lepetitjournal.com (in French). Retrieved 9 February 2025.
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  141. ↑ "Poverty and Inequality Platform (PIP): Percentiles". World Bank. 2026. Welfare type: Income. Retrieved 21 March 2026.
  142. ↑ "TÜİK Kurumsal". data.tuik.gov.tr. Retrieved 3 September 2024.
  143. ↑ "Unemployment rises according to Employment Agency, TurkStat says the opposite".
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  148. ↑ "GDP per capita in PPS". Eurostat. Retrieved 24 May 2020.
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  152. ↑ 152.0 152.1 https://ec.europa.eu/eurostat/databrowser/view/tgs00005/default/table?lang=en&category=t_na10.t_nama10.t_nama_10reg
  153. ↑ 153.0 153.1 https://ec.europa.eu/eurostat/databrowser/view/tgs00006/default/table?lang=en&category=t_na10.t_nama10.t_nama_10reg
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