​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Ranking of Economies by GDP at PPP*

​​​​​The Turkish economy, from​ 2003 to 2018, has posted record growth and climbed from 18th place to 13th globally.

​​Ranking of Economies by GDP at PPP.jpg

Source: International Monetary Fund World Economic Outlook, April 2019 (IMF WEO)

*PPP: Purchasing Power Parity (2023 estimated)​

Average Annual GDP Growth (%) – 2003-2018

​​Turkey has outpaced its peer economies, and the growth momentum is set to continue in the coming years.​

​​Source: IMF WEO​

​Real GDP Growth (Index: 2002=100) 

Source: IMF WEO​​​ (2020, 2022 estimated)​

Gross Public Debt Stock as % of GDP 

Adhering to prudent fiscal ​discipline, Turkey has drastically diminished the public debt stock from above 70 percent in 2002 down to around 30 percent in 2018.​

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

Budget Balance as % of GDP

The positive effect of the fiscal discipline has been reflected as a noticeably diminished deficit in Turkey's budget balance during the past 16 years.

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

Annual Inflati​on

The soaring inflation rates and accompanying high volatility of previous decades have been reined in and kept under control since 2003.

​​​​Source: TurkStat, OECD​​

Turkish Economy (GDP at current prices, USD billion)

​Over the past 16 years, Turkey has put in a noteworthy performance by increasing the size of its overall economy from USD 236 billion in 2002 to USD 784 billion in 2018.

Source: TurkStat​​​​​

Contribution to GDP Growth (%) – 2003-2018

Turkey's economic growth over the past 16 years has been driven by a robust domestic market and an entrepreneurial private sector that combined have spurred investments and exports.

​​Source: TurkStat​​​​​

Employment Creation – 2008-2018

Turkey successfully generated approximately 7.5 million new jobs during the 2008-2018 period.​

Source: OECD​​​

Exports of Goods in Turkey and the World

With an eye-catching 10 percent average annual growth in exports, Turkey has outpaced the world performance and increased its export volume from USD 36 billion to USD 168 billion over the past 16 years. 

Source: TurkStat, International Trade Centre (ITC)​​​

Turkey: 10% CAGR; World: 7% CAGR​

Turkey's Share in Global Exports​ of Goods​

In line with its remarkable performance, Turkey's share in global exports has increased from less than 0.6 percent in 2002 to close to 0.9 percent in 2018.​

​​​​Source: ITC

Turkey's Exports by Destination

Turkey has grown its overall export volume from USD 36 billion in 2002 to USD 168 billion in 2018 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​​​​​​​​​