Ranking of Economies by GDP at PPP*
The Turkish economy posted record growth and climbed from 18th place to 13th globally from 2003 to 2019.
Source: IMF WEO, October 2020
*PPP: Purchasing Power Parity
Average Annual GDP Growth (%) – 2003-2020
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
Gross Public Debt Stock as % of GDP
Adhering to prudent fiscal discipline, Turkey drastically diminished the public debt stock from above 70 percent in 2002 down to around 34 percent in 2019.
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 18 years.
Source: Eurostat, Ministry of Treasury and Finance, IMF WEO
Annual Inflation
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 18 years, Turkey has put in a noteworthy performance by increasing the size of its overall economy from USD 236 billion in 2002 to USD 717 billion in 2020.
Source: TurkStat
Contribution to GDP Growth (%) – 2002-2020
Turkey's economic growth over the past 18 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 – 2009-2019
Turkey successfully generated approximately 6.8 million new jobs during the 2009-2019 period.
Source:
OECD
Exports of Goods in Turkey and the World
With an eye-catching 11 percent average annual growth in exports, Turkey has outpaced the world performance and increased its export volume from USD 36 billion to USD 171 billion over the past 17 years.
Source: TurkStat, International Trade Centre (ITC)
Turkey: 11% CAGR; World: 7.3% 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 0.92 percent in 2019.
Source: ITC
Turkey's Exports by Destination
Turkey has grown its overall export volume from USD 36 billion in 2002 to USD 169 billion in 2020 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
