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10 Reasons to Invest in Turkey
Investors' Guide
Prior to Arrival in Turkey
Work Permit
Residence Permit
Establishing a Business in Turkey
Transferring Assets
Cost of Doing Business in Turkey
Access to Finance
Incentives
Employees and Social Security
Terms of Employment
Termination of Employment Contract
Turkish Social Security System
Taxes
Investment Zones
Demographics
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Macroeconomic Indicators
FDI in Turkey
Foreign Trade
Investment Legislation
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Macroeconomic Indicators 

Ranking of Economies by GDP at PPP* – 2003 vs. 2017

 

The Turkish economy has climbed from 18th place to 13th globally from 2003 to 2017. 

Source: International Monetary Fund World Economic Outlook, April 2018 (IMF WEO)

*PPP: Purchasing Power Parity

 

Real GDP Growth (Index: 2002=100)

 

Turkey has outpaced its competitors, and the growth momentum is set to continue over the following years.

 

Source: IMF WEO

 

Average Annual GDP Growth (%) – 2003-2017

 


 

Source: IMF WEO

 

Real GDP Growth in G20 – 2017

 

Despite global and regional challenges, Turkey was the fastest growing economy among the G20 members in 2017.

 

Source: OECD 

 

Turkish Economy (GDP at current prices, USD Billion)

 

Over the past 15 years, Turkey has put in a noteworthy performance by increasing its overall economy from USD 236 billion in 2003 to USD 851 billion in 2017. 

Source: TurkStat

 

Tripling Income per capita (GDP per capita, current prices)

 

Turkey's performance in economic development saw its income per capita triple, from USD 3,581 in 2002 to USD 10,597 in 2017. 

Source: TurkStat

 

Contribution to GDP Growth (%) – 2003-2017

 

Turkey's economic growth over the past 15 years has been driven by a robust domestic market and an entrepreneurial private sector that combined have spurred investments and exports.

 

Source: TurkStat

 

GDP per capita in Countries with Population over 50 Million – 2017

 

Turkey is one of the nine economies with GDP per capita over USD 10,000 among countries with population over 50 million.

 

Source: IMF WEO

 

Gross Public Debt Stock as % of GDP

 

Having adhered to prudent fiscal discipline, Turkey has drastically diminished the public debt stock from above 70 percent in 2002 down to 28 percent in 2017. 

Source: Eurostat, Ministry of Treasury and Finance, IMF WEO 

 

Budget Balance as % of GDP

 

The positive effect of this fiscal discipline has been reflected as a noticeably diminished deficit in Turkey’s budget balance during the past 15 years.

Source: Eurostat, Ministry of Treasury and Finance, IMF WEO

 

Annual Inflation (%)

 

Sky-high inflation rates and accompanying high volatility have plummeted, and have been kept under control since 2003.

 

 

Source: TurkStat, OECD

 

Employment Creation – 2007-2017

 

Turkey successfully generated 7.4 million new jobs during the 2007-2017 period.

 

Source: OECD

 

Exports of Goods in Turkey and World

 

With an eye-catching 10.3 percent average annual growth in exports, Turkey has outpaced the world performance and increased its export volume from USD 36 billion to USD 157 billion over the past 15 years. In line with this performance, Turkey's share in global exports has increased from less than 0.6 percent in 2002 to close to 1 percent in 2017.

Source: TurkStat, International Trade Centre (ITC)

 

Turkey's Share in Global Exports

Source: ITC

 

Turkey’s Exports by Destination

 

Turkey has grown its overall export volume from USD 36 billion in 2002 to USD 157 billion in 2017 and has achieved significant export diversification both in terms of export destinations and products.

Source: TurkStat

 

Number of Export Products over USD 1 Billion

Source: TurkStat