Ranking of Economies by GDP at PPP*
The Turkish economy posted record growth and climbed from 18th place to 11th globally from 2003 to 2020.
Source: IMF WEO, October 2021
*PPP: Purchasing Power Parity
Average Annual GDP Growth (%, 2003-2020)
Türkiye 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, Türkiye drastically diminished the public debt stock from above 70 percent in 2002 down to around 38 percent in 2020.
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 Türkiye’s budget balance during the past 19 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 19 years, Türkiye 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)
Türkiye's economic growth over the past 19 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)
Türkiye successfully generated approximately 6.8 million new jobs during the 2009-2019 period.
Source:
OECD
Exports of Goods in Türkiye and the World
With an eye-catching 9 percent average annual growth in exports, Türkiye has outpaced the world performance and increased its export volume from USD 36 billion to USD 170 billion over the past 19 years.
Source: TurkStat, International Trade Centre (ITC)
Türkiye: 9% CAGR; World: 5.7% CAGR
Türkiye's Share in Global Exports of Goods
In line with its remarkable performance, Türkiye's share in global exports has increased from less than 0.6 percent in 2002 to close to 1 percent in 2020.
Source: ITC
Türkiye's Exports by Destination
Türkiye 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
