
The economy of Turkey is an
emerging free-market economy
A market economy is an economic system in which the decisions regarding investment, production, and distribution to the consumers are guided by the price signals created by the forces of supply and demand. The major characteristic of a market ...
. It ranked as the
16th-largest in the world and
7th-largest in
Europe
Europe is a continent located entirely in the Northern Hemisphere and mostly in the Eastern Hemisphere. It is bordered by the Arctic Ocean to the north, the Atlantic Ocean to the west, the Mediterranean Sea to the south, and Asia to the east ...
by
nominal GDP
Gross domestic product (GDP) is a monetary measure of the total market value of all the final goods and services produced and rendered in a specific time period by a country or countries. GDP is often used to measure the economic performance ...
in 2025.
It also ranked as the
12th-largest in the world and 5th-largest in Europe by
PPP in 2025.
Turkey
Turkey, officially the Republic of Türkiye, is a country mainly located in Anatolia in West Asia, with a relatively small part called East Thrace in Southeast Europe. It borders the Black Sea to the north; Georgia (country), Georgia, Armen ...
's
rapid economic growth since the 2000s was stranded by the
economic crisis
A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and ma ...
in 2018, but it began to recover in 2021.
Turkey's
USD
The United States dollar (symbol: $; currency code: USD) is the official currency of the United States and several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided it int ...
-based nominal GDP per capita and GDP-PPP per capita have eventually reached their all-time peak values in 2024.
Turkey is a founding member of the
OECD
The Organisation for Economic Co-operation and Development (OECD; , OCDE) is an international organization, intergovernmental organization with 38 member countries, founded in 1961 to stimulate economic progress and international trade, wor ...
and
G20
The G20 or Group of 20 is an intergovernmental forum comprising 19 sovereign countries, the European Union (EU), and the African Union (AU). It works to address major issues related to the global economy, such as international financial stabil ...
. Ratified in 1995, the
European Union–Turkey Customs Union
The European Union–Turkey Customs Union is a trade agreement between the European Union (EU) and Turkey. The agreement came into effect on 31 December 1995, following a 6 March 1995 decision of the European Community–Turkey Associatio ...
has established a
free trade area
A free trade area is the region encompassing a trade bloc whose member countries have signed a free trade agreement (FTA). Such agreements involve cooperation between at least two countries to reduce trade barriers, import quotas and tariffs, and ...
between Turkey and the
European Union
The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The u ...
, which has increased bilateral foreign trade, investment and economic activity.
As the
fifth most visited destination in the world,
Turkey has a large tourism industry, which accounted for 12% of the country's total GDP in 2023. First established in 2000, many technoparks were pioneered by Turkish universities, now hosting over 1,600
R&D centers that drew investment by both domestic and international corporations. 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
The economic complexity index (ECI) is a holistic measure of the productive capabilities of large economic systems, usually cities, regions, or countries. In particular, the ECI looks to explain the knowledge accumulated in a population and tha ...
.
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
Employment is a relationship between two party (law), parties Regulation, regulating the provision of paid Labour (human activity), labour services. Usually based on a employment contract, contract, one party, the employer, which might be a cor ...
and average
income
Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income is difficult to define conceptually and the definition may be different across fields. F ...
since 2000.
A period of strong economic growth between 2002 and 2013 (except for 2009 due to the
2008 financial crisis
The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...
)
was followed by a period of stagnation and recession in terms of
USD
The United States dollar (symbol: $; currency code: USD) is the official currency of the United States and several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided it int ...
-based
nominal GDP
Gross domestic product (GDP) is a monetary measure of the total market value of all the final goods and services produced and rendered in a specific time period by a country or countries. GDP is often used to measure the economic performance ...
figures between 2014 and 2020,
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.
Since 2021, there has been a steady recovery and rapid growth in Turkey's USD-based nominal GDP and GDP-PPP figures,
which have reached their all-time highest values in both 2023 and 2024.
Growth-focused and populistic financial policies, such as the preference to keep interest rates as low as possible (dubbed ''Erdoganomics'') have led to one of the world's highest
inflation
In economics, inflation is an increase in the average price of goods and services in terms of money. This increase is measured using a price index, typically a consumer price index (CPI). When the general price level rises, each unit of curre ...
rates since 2018.
Following the Turkish
parliamentary
In modern politics and history, a parliament is a legislative body of government. Generally, a modern parliament has three functions: Representation (politics), representing the Election#Suffrage, electorate, making laws, and overseeing ...
and
presidential elections on May 14 and 28, 2023, and the appointment of
Mehmet Şimşek
Mehmet Şimşek (born 1 January 1967) is a Turkish politician and economist, who has been serving as the List of Finance Ministers of Turkey, Minister of Treasury and Finance since 4 June 2023. He was the Deputy Prime Minister of Turkey from 24 ...
as the
Minister of Treasury and Finance on June 4, 2023, Turkey has adopted a more orthodox monetary policy regarding interest rates and has succeeded in gradually decreasing inflation from 85.5% in late 2022 to 42.1% in early 2025.
History
Data

The following table shows the main economic indicators from 1980 to 2024 (with
IMF
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of la ...
staff estimates in 2024–2029). Inflation below 10% is in green.
Main economic sectors
As of November 2023, there are 1,086,670 registered companies based in
Turkey
Turkey, officially the Republic of Türkiye, is a country mainly located in Anatolia in West Asia, with a relatively small part called East Thrace in Southeast Europe. It borders the Black Sea to the north; Georgia (country), Georgia, Armen ...
. The sector with the highest number of companies registered in the country is
manufacturing
Manufacturing is the creation or production of goods with the help of equipment, labor, machines, tools, and chemical or biological processing or formulation. It is the essence of the
secondary sector of the economy. The term may refer ...
with 241,362 companies. This is followed by
wholesale trading and
services
Service may refer to:
Activities
* Administrative service, a required part of the workload of university faculty
* Civil service, the body of employees of a government
* Community service, volunteer service for the benefit of a community or a ...
with 197,476 and 187,325 companies respectively.
Agricultural sector
Industrial sector
Heavy industry
Heavy industry is an industry that involves one or more characteristics such as large and heavy products; large and heavy equipment and facilities (such as heavy equipment, large machine tools, huge buildings and large-scale infrastructure); o ...
is tending to move out of the EU due to Turkey's laxer pollution regulations and cheaper energy.
Consumer electronics and home appliances
Turkey's
Vestel
Vestel is a Turkish home and professional appliances manufacturing company consisting of 18 companies specialised in electronics, major appliances and information technology. Vestel's headquarters and production plant are located in Manisa, whil ...
is the largest TV producer in
Europe
Europe is a continent located entirely in the Northern Hemisphere and mostly in the Eastern Hemisphere. It is bordered by the Arctic Ocean to the north, the Atlantic Ocean to the west, the Mediterranean Sea to the south, and Asia to the east ...
, accounting for a quarter of all TV sets manufactured and sold on the continent in 2006. By January 2005, Vestel and its rival Turkish electronics and white goods brand
Beko
Beko ( ; stylized as beko) is a Turkish white goods and electronics brand of Arçelik A.Ş., which is controlled by the Koç Holding conglomerate.
History
Beko Elektronik A.Ş. was founded by Vehbi Koç, the founder of Koç Holding (who al ...
accounted for more than half of all TV sets manufactured in Europe. Another Turkish electronics brand, Profilo Telra, was Europe's third-largest TV producer in 2005.
Textiles and clothing
The Turkish textile is the world's fifth largest exporter, accounting for 10% of the country's GDP and employing 750 000 people in 2018. Turkish companies made
clothing
Clothing (also known as clothes, garments, dress, apparel, or attire) is any item worn on a human human body, body. Typically, clothing is made of fabrics or textiles, but over time it has included garments made from animal skin and other thin s ...
exports worth $13.98 billion in 2006; more than $10.67 billion of which (76.33%) were exported to the European Union.
Motor vehicles and automotive products
The
automotive industry in Turkey
The automotive industry in Turkey plays an important role in the Secondary sector of the economy, manufacturing sector of the Economy of Turkey, Turkish economy. The companies operating in the Turkish automotive sector are mainly located in th ...
, which plays an important role in the
manufacturing sector
In macroeconomics, the secondary sector of the economy is an economic sector in the three-sector theory that describes the role of manufacturing. It encompasses industries that produce a finished, usable product or are involved in construction ...
of the Turkish economy, produced 1,352,648 motor vehicles in 2022, ranking as the
13th largest producer in the world (production peaked at 1,695,731 motor vehicles in 2017, when Turkey also
ranked 13th). Turkish automotive companies like
TEMSA
TEMSA Skoda Sabancı Ulaşım Araçları A.Ş. is a Turkish manufacturer of buses, midibuses, and light-trucks. As of 2020, it is operating under the partnership of Sabancı Holding and PPF Group (Škoda Transportation).
At the TEMSA Adana pla ...
,
Otokar
Otokar Otomotiv ve Savunma Sanayi A.Ş., also known simply as Otokar, is a Turkish bus and military vehicle manufacturer headquartered in Sakarya, Turkey. Otokar is a subsidiary of Koç Holding.
History
Otokar was founded in 1963 as Turkey' ...
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.
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.
Global car manufacturers with production plants include
Fiat
Fiat Automobiles S.p.A., commonly known as simply Fiat ( , ; ), is an Italian automobile manufacturer. It became a part of Fiat Chrysler Automobiles in 2014 and, in 2021, became a subsidiary of Stellantis through its Italian division, Stellant ...
/
Tofaş
TOFAŞ Türk Otomobil Fabrikası A.Ş (acronym for ''Türk Otomobil Fabrikası Anonim Şirketi''; ''Turkish Automobile Factory Joint-Stock Company'' pronounced ) is a Turkish automobile manufacturer which was established in 1968 by Vehbi Koç, ...
,
Oyak-Renault
Oyak Renault Otomobil Fabrikaları A.Ş. or Oyak-Renault is a Turkish automotive manufacturer located in Bursa. It is co-owned by OYAK (Turkish: Ordu Yardımlaşma Kurumu, English: Army Solidarity Institution, a pension fund) and Renault. Oyak o ...
,
Hyundai
Hyundai is a former South Korean industrial conglomerate ("''chaebol''"), which was restructured into the following groups:
* Hyundai Group, parts of the former conglomerate which have not been divested
** Hyundai Asan, a real estate construction ...
,
Toyota
is a Japanese Multinational corporation, multinational Automotive industry, automotive manufacturer headquartered in Toyota City, Aichi, Japan. It was founded by Kiichiro Toyoda and incorporated on August 28, 1937. Toyota is the List of manuf ...
,
Honda
commonly known as just Honda, is a Japanese multinational corporation, multinational Conglomerate (company), conglomerate automotive manufacturer headquartered in Minato, Tokyo, Japan.
Founded in October 1946 by Soichiro Honda, Honda has bee ...
and
Ford/
Otosan. Turkish automotive companies like
TEMSA
TEMSA Skoda Sabancı Ulaşım Araçları A.Ş. is a Turkish manufacturer of buses, midibuses, and light-trucks. As of 2020, it is operating under the partnership of Sabancı Holding and PPF Group (Škoda Transportation).
At the TEMSA Adana pla ...
,
Otokar
Otokar Otomotiv ve Savunma Sanayi A.Ş., also known simply as Otokar, is a Turkish bus and military vehicle manufacturer headquartered in Sakarya, Turkey. Otokar is a subsidiary of Koç Holding.
History
Otokar was founded in 1963 as Turkey' ...
and
BMC are among the world's largest van, bus and truck manufacturers.
Togg is a new Turkish automotive company established in 2018 for producing
EVs.
Togg's factory in
Gemlik
Gemlik is a municipality and district of Bursa Province, Turkey. Its area is 401 km2, and its population is 120,245 (2022). It is located in the east of the Gulf of Gemlik. It is approximately away from Bursa. In antiquity, Gemlik was the l ...
,
Bursa Province
Bursa Province () is a Provinces of Turkey, province and Metropolitan municipalities in Turkey, metropolitan municipality in Turkey along the Sea of Marmara coast in northwestern Anatolia. It borders Balıkesir Province, Balıkesir to the west, K ...
, was inaugurated on 29 October 2022, the 99th anniversary of the Turkish Republic.
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. 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.
Multiple unit trains, locomotives and wagons
TÜLOMSAŞ
TÜLOMSAŞ () was a locomotive and wagon builder in Turkey. It was the main locomotive supplier of the Turkish State Railways and was one of the two companies that designed and assembled locomotives in Turkey along with EUROTEM. The company headq ...
(1894),
TÜVASAŞ (1951) and
EUROTEM
EUROTEM, alternatively Hyundai EURotem, is a joint enterprise between Hyundai Rotem of South Korea and TÜVASAŞ and ASAŞ of Turkey which was founded in 2006 (2006) are among the major producers of
multiple unit
A multiple-unit train (or multiple unit (MU)) is a self-propelled train composed of one or more Coach (rail), carriages joined, and where one or more of the carriages have the means of propulsion built in. By contrast, a locomotive-hauled ...
trains,
locomotive
A locomotive is a rail transport, rail vehicle that provides the motive power for a train. Traditionally, locomotives pulled trains from the front. However, Push–pull train, push–pull operation has become common, and in the pursuit for ...
s and
wagons
A wagon (or waggon) is a heavy four-wheeled vehicle pulled by draft animals or on occasion by humans, used for transporting goods, commodities, agricultural materials, supplies and sometimes people.
Wagons are immediately distinguished from ...
in Turkey, including
high-speed EMU
The emu (; ''Dromaius novaehollandiae'') is a species of flightless bird endemism, endemic to Australia, where it is the Tallest extant birds, tallest native bird. It is the only extant taxon, extant member of the genus ''Dromaius'' and the ...
and
DMU models.
Bozankaya is a Turkish manufacturer of rolling stock including metro, tram and trolleybus vehicles in Ankara.
Defence industry

Turkey has many modern armament manufacturers. Annual exports reached $1.6 billion in 2014.
MKEK
The Mechanical and Chemical Industry Corporation ( or MKE for short), established in 1950, is a reorganization of government-controlled group of factories in Turkey that supplied the Turkish Armed Forces with military products.
History
Its root ...
,
TAI,
Aselsan,
Roketsan,
FNSS,
Nurol Makina,
Otokar
Otokar Otomotiv ve Savunma Sanayi A.Ş., also known simply as Otokar, is a Turkish bus and military vehicle manufacturer headquartered in Sakarya, Turkey. Otokar is a subsidiary of Koç Holding.
History
Otokar was founded in 1963 as Turkey' ...
, and
Havelsan are major manufacturers. On 11 July 2002, Turkey became a Level 3 partner of the
F-35 Joint Strike Fighter
The Lockheed Martin F-35 Lightning II is an American family of single-seat, single-engine, supersonic stealth strike fighters. A multirole combat aircraft designed for both air superiority and strike missions, it also has electronic warfa ...
(JSF) development program.
TAI builds various aircraft types and models, such as the
F-16 Fighting Falcon
The General Dynamics F-16 Fighting Falcon is an American single-engine supersonic Multirole combat aircraft, multirole fighter aircraft originally developed by General Dynamics for the United States Air Force (USAF). Designed as an air superio ...
for the
Turkish Air Force
The Turkish Air Force () is the Air force, air and space force of the Turkish Armed Forces. It traces its origins to 1 June 1911 when it was founded as the Ottoman Aviation Squadrons, Aviation Squadrons by the Ottoman Empire. It was composed ...
.
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
The Turkish Armed Forces (TAF; , TSK) are the armed forces, military forces of the Turkey, Republic of Turkey. The TAF consist of the Turkish Army, Land Forces, the Turkish Navy, Naval Forces and the Turkish Air Force, Air Forces. The Chief of ...
and a 2m resolution reconnaissance satellite (Project
Göktürk-2) for use by the
Turkish National Intelligence Organization.
Other important products include the
TAI TF Kaan
The TAI Kaan also called TF ("Turkish Fighter", formerly known as TF-X) and MMU (, Turkish for 'National Combat Aircraft'), is a stealth, twin-engine, all-weather air superiority fighter in development by Turkish Aerospace Industries (TAI). Th ...
,
TF2000-class destroyer,
Milgem class corvette,
Baykar MIUS Kızılelma UCAV,
Baykar Akıncı HALE UCAV,
Baykar Bayraktar TB2
Bayraktar TB2 ( Turkish: ''Standard-bearer TB2'') is a medium-altitude long-endurance (MALE) unmanned combat aerial vehicle (UCAV) capable of remotely controlled or autonomous flight operations. It is manufactured by the Turkish company Ba ...
MALE
Male (Planet symbols, symbol: ♂) is the sex of an organism that produces the gamete (sex cell) known as sperm, which fuses with the larger female gamete, or Egg cell, ovum, in the process of fertilisation. A male organism cannot sexual repro ...
UCAV,
TAI Aksungur MALE UCAV,
TAI Anka MALE
UAV
An unmanned aerial vehicle (UAV) or unmanned aircraft system (UAS), commonly known as a drone, is an aircraft with no human pilot, crew, or passengers onboard, but rather is controlled remotely or is autonomous.De Gruyter Handbook of Drone ...
/UCAV,
Aselsan İzci UGV,
Altay main battle tank,
T-155 Fırtına self-propelled howitzer,
J-600T missile,
T-129 attack helicopter,
A400M
The Airbus A400M AtlasNamed after the Greek mythological figure. is a European four-engine turboprop military transport aircraft. It was designed by Airbus Military, now Airbus Defence and Space, as a tactical airlifter with strategic capab ...
,
Roketsan UMTAS anti-tank missile,
Roketsan Cirit laser-guided rocket,
Panter howitzer,
ACV-300,
Otokar Cobra
The Cobra () is a armoured tactical vehicle developed by Turkish firm Otokar. The vehicle has some subsystems from the Humvee. The Cobra is the first generation of the Cobra family of vehicles, a second generation named Otokar Cobra II is also pr ...
and
Akrep,
BMC Kirpi,
FNSS Pars 6x6 and 8x8 APC,
Nurol Ejder 6x6 APC,
TOROS artillery rocket system
TOROS artillery rocket system (; , lit. " Gunner") is a Turkish rocket artillery multiple rocket launcher system that has been developed in both 230 and 260 mm calibre. The system was developed by TÜBİTAK-SAGE, and is used by the Turkish ...
,
Bayraktar Mini UAV,
ASELPOD, and
SOM cruise missile.
Steel-Iron industry
Turkey ranks 8th in the
list of countries by steel production
In 2023, total world crude steel production was nearly 1.9 billion tons ( Gt). The biggest steel producing country is currently China, which accounted for 54% of world steel production in 2023. In 2020, despite the COVID-19 pandemic, China became ...
. In 2013, total steel production was 35.134 million tonnes. Turkey's crude steel production reached a record high of 34.1 million tons in 2011.
Notable producers (above 2 million tonnes) and their ranks among top steel producing companies.
*
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
Turkey boasts over 80
technoparks where around 6,000 national and multinational companies engage in R&D activities.
TÜBİTAK
The Scientific and Technological Research Institution of Turkey (, TÜBİTAK) is a national agency of Turkey whose stated goal is to develop "science, technology and innovation" (STI) policies, support and conduct research and development, and to ...
is the leading agency for developing science, technology and innovation policies in Turkey. The
Turkish Academy of Sciences
The Turkish Academy of Sciences ( – TÜBA) is an autonomous scholarly association aimed at promoting scientific activities in Turkey. Although it is attached to the office of the Presidency and is largely funded by the government, it maintains f ...
is an autonomous scholarly society acting to promote scientific activities in Turkey.
TAEK
The Turkish Energy, Nuclear and Mineral Research Agency was formed from other agencies and the Turkish Atomic Energy Authority which was the official nuclear energy institution of Turkey. The headquarters is located in Ankara since 1956, the y ...
is the official
nuclear energy
Nuclear energy may refer to:
*Nuclear power, the use of sustained nuclear fission or nuclear fusion to generate heat and electricity
*Nuclear binding energy, the energy needed to fuse or split a nucleus of an atom
*Nuclear potential energy, the pot ...
institution of Turkey. Its objectives include academic research in nuclear energy, and the development and implementation of peaceful nuclear tools.
Turkish government companies for
research and development
Research and development (R&D or R+D), known in some countries as OKB, experiment and design, is the set of innovative activities undertaken by corporations or governments in developing new services or products. R&D constitutes the first stage ...
in
military technologies include
Turkish Aerospace Industries
Turkish Aerospace Industries Inc. (, TAI or TUSAŞ) is a state-owned Arms industry, arms company in Turkey.
History
On 16 August 1925 the Turkish Aircraft and Engine Limited Company ''()'' factory was founded in Kayseri, Turkey. The company ...
,
ASELSAN,
HAVELSAN,
ROKETSAN,
MKE, among others.
Turkish Satellite Assembly, Integration and Test Center
Turkish Space Systems, Integration and Test Centre () (USET) is a spacecraft production and testing facility owned by the Ministry of National Defence and operated by Turkish Aerospace Industries (TAI). It is located in Ankara, Turkey. The facili ...
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
A spaceport or cosmodrome is a site for launching or receiving spacecraft, by analogy to a seaport for ships or an airport for aircraft. The word ''spaceport''—and even more so ''cosmodrome''—has traditionally referred to sites capable of ...
, the development of
satellite launch vehicle
The Satellite Launch Vehicle or SLV was a small-lift launch vehicle project started in the early 1970s by the Indian Space Research Organisation (ISRO) to develop the technology needed to launch satellites. SLV was intended to reach a height of ...
s as well as the establishment of remote earth stations.
Construction and contracting sector
The
Turkish construction and contracting industry
The Turkish construction and contracting industry is one of the key sectors of Turkey's economy.
Earthquakes
Some contractors and construction companies in Turkey have been accused of corruption for their lack of compliance with the latest saf ...
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
The ''Engineering News-Record'' (widely known as ''ENR'') is an American weekly magazine that provides news, analysis, data and opinion for the construction industry worldwide. It is widely regarded as one of the construction industry's most au ...
. From the beginning of the 1970s to the end of 2022, Turkish contractors have completed more than 11,605 projects in 133 countries.
Their business volume abroad has reached 472 billion US Dollars in 2022.
As Turkey is prone to strong earthquakes, the buildings that were constructed before the post-
1999
1999 was designated as the International Year of Older Persons.
Events January
* January 1 – The euro currency is established and the European Central Bank assumes its full powers.
* January 3 – The Mars Polar Lander is launc ...
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. The
two major earthquakes on February 6, 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.
Service sector
Banking and finance
During the 19th and early 20th centuries,
Bankalar Caddesi (Banks Street) in
Istanbul
Istanbul is the List of largest cities and towns in Turkey, largest city in Turkey, constituting the country's economic, cultural, and historical heart. With Demographics of Istanbul, a population over , it is home to 18% of the Demographics ...
was the financial center of the
Ottoman Empire
The Ottoman Empire (), also called the Turkish Empire, was an empire, imperial realm that controlled much of Southeast Europe, West Asia, and North Africa from the 14th to early 20th centuries; it also controlled parts of southeastern Centr ...
, 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) and the Ottoman Stock Exchange (1866) were located.
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 district
A central business district (CBD) is the Commerce, commercial and business center of a city. It contains commercial space and offices, and in larger cities will often be described as a financial district. Geographically, it often coincides wit ...
s of
Levent
Levent is a neighbourhood in the municipality and district of Beşiktaş, Istanbul Province, Turkey. Its population is 2,911 (2022). It is one of the main business districts of Istanbul located on the European side of the city. It is situated ...
and
Maslak
Maslak is a neighbourhood in Sarıyer, Istanbul Province, in Turkey. Its population is 12,260 (2022). It is one of the main business districts of Istanbul, located on the European side of the city. It was formerly an exclave of the municipa ...
.
[
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
The Borsa İstanbul (abbreviated as BIST) is the sole exchange entity of Turkey combining the former Istanbul Stock Exchange (ISE) (), the Istanbul Gold Exchange () and the Derivatives Exchange of Turkey () under one umbrella. It was establishe ...
(ISE) is the sole securities market
Security market is a component of the wider financial market where securities can be bought and sold between subjects of the economy, on the basis of demand and supply. Security markets encompasses stock markets, bond markets and derivatives ma ...
of Turkey. In 1995, the Istanbul Stock Exchange moved to its current building in the Istinye quarter. The Istanbul Gold Exchange was also established in 1995.
The Central Bank of the Republic of Turkey
The Central Bank of the Republic of Türkiye (CBRT) () is the central bank of Turkey. Its responsibilities include conducting monetary and exchange rate policy, managing international reserves of Turkey, as well as printing and issuing banknotes ...
(''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.
The "New Turkish lira
The lira (; Currency sign, sign: Turkish lira sign, ₺; ISO 4217, ISO 4217 code: TRY; abbreviation: TL) is the official currency of Turkey. It is also legal tender in the ''de facto'' state of the Turkish Republic of Northern Cyprus. One lira i ...
" (TRY) was introduced on 1 January 2005. On 1 January 2009, the New Turkish lira was renamed once again as the "Turkish lira", with the introduction of new banknotes and coins
A coin is a small object, usually round and flat, used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in large quantities at a mint in order to facilitate trade. They are most often issued by ...
.
Banking came under stress beginning in October 2008, as a result of the 2008 financial crisis
The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...
. Turkish banking authorities warned state-run banks against the pullback of loans from the larger financial sectors.
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. As of January 2021, there were a total of 48 banks operating with 9,880 branches in Turkey and 71 branches abroad. , the foreign currency deposits of the citizens and residents in Turkish banks stood at $234 billion, equivalent to around half of all deposits. , 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.
Transport
In 2013 there were ninety-eight airports in Turkey
This is a list of airports in Turkey, sorted by location.
Airports
, -
, Alanya
, LTFG
, GZP
, Alanya Gazipaşa Airport, Gazipaşa Airport
, }
, -
, Antalya
, LTAI
, AYT
, Antalya Airport
, }
, -
, Balıkesir
, LTFD
, EDO
, Balık ...
, including 22 international airport
An international airport is an airport with customs and border control facilities enabling passengers to travel between countries. International airports are usually larger than domestic airports, and feature longer runways and have faciliti ...
s. , Istanbul Atatürk Airport
Istanbul is the largest city in Turkey, constituting the country's economic, cultural, and historical heart. With a population over , it is home to 18% of the population of Turkey. Istanbul is among the largest cities in Europe and in th ...
is the 11th busiest airport in the world, serving 31,833,324 passengers between January and July 2014, according to Airports Council International
Airports Council International (ACI) is an organization of Airport authority, airport authorities, informing members of industry practices and airport standards. Established in 1991, its headquarters (ACI World) are based in Montreal, Quebec, Ca ...
. 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.
The state-owned utility Turkish State Railways
The State Railways of the Republic of Turkey (), abbreviated as TCDD, is a government-owned national railway company responsible for the ownership and maintenance of railways in Turkey, as well as the planning and construction of new lines. TCDD ...
operates the 12,740–km railway network, 23rd longest in the world. Since 2003, Turkish State Railways
The State Railways of the Republic of Turkey (), abbreviated as TCDD, is a government-owned national railway company responsible for the ownership and maintenance of railways in Turkey, as well as the planning and construction of new lines. TCDD ...
has also been investing in high-speed rail
High-speed rail (HSR) is a type of rail transport network utilising trains that run significantly faster than those of traditional rail, using an integrated system of specialised rolling stock and dedicated railway track, tracks. While there is ...
lines, which at 2,175 km (1,353 mi) ranked ninth longest in the world.
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.
As of 2010, the Turkish merchant marine included 1,199 ships (604 registered at home), ranking 7th in the world.[ Turkey's coastline has 1,200 km of navigable waterways.][
In 2008, of ]natural gas
Natural gas (also fossil gas, methane gas, and gas) is a naturally occurring compound of gaseous hydrocarbons, primarily methane (95%), small amounts of higher alkanes, and traces of carbon dioxide and nitrogen, hydrogen sulfide and helium ...
pipelines and of petroleum
Petroleum, also known as crude oil or simply oil, is a naturally occurring, yellowish-black liquid chemical mixture found in geological formations, consisting mainly of hydrocarbons. The term ''petroleum'' refers both to naturally occurring un ...
pipelines spanned the country's territory.[
]
Communications
As of 2008, there were 17,502,000 operational landline telephones in Turkey, which ranked 18th in the world; while there were 65,824,000 registered mobile phone
A mobile phone or cell phone is a portable telephone that allows users to make and receive calls over a radio frequency link while moving within a designated telephone service area, unlike fixed-location phones ( landline phones). This rad ...
s in the country, which ranked 15th in the world during the same year.[ The largest landline telephone operator is ]Türk Telekom
Türk Telekomünikasyon A.Ş. () is a state-owned Turkish telecommunications company. Türk Telekom was separated from Turkish Post (PTT) in 1995.
Türk Telekom Group provides integrated telecommunication services for PSTN, GSM, and wideband I ...
, which also owns TTNET, the largest internet service provider
An Internet service provider (ISP) is an organization that provides a myriad of services related to accessing, using, managing, or participating in the Internet. ISPs can be organized in various forms, such as commercial, community-owned, no ...
in Turkey. The largest mobile phone operators in the country are Turkcell
Turkcell İletişim Hizmetleri A.Ş. (''lit. Turkcell Communication Services'') (, ) is the leading mobile phone operator of Turkey, based in Istanbul. The company has 39.3 million subscribers as of September 2021. In 2015, the company's number ...
, Vodafone Turkey, Avea and TTNET Mobil.
The telecommunications liberalisation process started in 2004 after the creation of the Telecommunication Authority, and is still ongoing. Private sector companies operate in mobile telephony, long-distance telephony and Internet access. Additional digital exchanges are permitting a rapid increase in subscribers; the construction of a network of technologically advanced intercity trunk lines, using both fiber-optic cable
A fiber-optic cable, also known as an optical-fiber cable, is an assembly similar to an electrical cable but containing one or more optical fibers that are used to carry light. The optical fiber elements are typically individually coated with p ...
and digital microwave radio relay, is facilitating communication between urban centres.[
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.][
The main line international telephone service is provided by the ]SEA-ME-WE 3
SEA-ME-WE3 or South-East Asia - Middle East - Western Europe 3 was an optical submarine telecommunications cable linking those regions and is the longest in the world. Completed in late 2000, it is led by France Telecom and China Telecom, and i ...
submarine communications cable and by submarine fiber-optic cables in the Mediterranean Sea
The Mediterranean Sea ( ) is a sea connected to the Atlantic Ocean, surrounded by the Mediterranean basin and almost completely enclosed by land: on the east by the Levant in West Asia, on the north by Anatolia in West Asia and Southern Eur ...
and Black Sea
The Black Sea is a marginal sea, marginal Mediterranean sea (oceanography), mediterranean sea lying between Europe and Asia, east of the Balkans, south of the East European Plain, west of the Caucasus, and north of Anatolia. It is bound ...
that link Turkey with Italy, Greece, Israel, Bulgaria, Romania, and Russia.[ In 2002, there were 12 ]Intelsat
Intelsat S.A. (formerly Intel-Sat, Intelsat) is a Luxembourgish-American multinational satellite services provider with corporate headquarters in Luxembourg and administrative headquarters in Tysons, Virginia, United States. Originally formed ...
satellite earth stations; and 328 mobile satellite terminals in the Inmarsat
Inmarsat is a British communications satellite, satellite telecommunications company, offering global mobile services. It provides telephone and data services to users worldwide, via portable or mobile terminals which communicate with groun ...
and Eutelsat
Eutelsat S.A. is a French satellite operator. Providing coverage over the entire European continent, the Middle East, Africa, Asia and the Americas, it has been the world's third-largest satellite operator in terms of revenues. Its subsidiary E ...
systems.[
Türksat A.Ş. is the primary ]communications satellite
A communications satellite is an artificial satellite that relays and amplifies radio telecommunication signals via a Transponder (satellite communications), transponder; it creates a communication channel between a source transmitter and a Rad ...
operator of Turkey, controlling the Turksat series of satellites. Göktürk-1, Göktürk-2 and Göktürk-3 are Turkey's earth observation satellite
An Earth observation satellite or Earth remote sensing satellite is a satellite used or designed for Earth observation (EO) from orbit, including spy satellites and similar ones intended for non-military uses such as environmental monitoring, me ...
s for reconnaissance
In military operations, military reconnaissance () or scouting is the exploration of an area by military forces to obtain information about enemy forces, the terrain, and civil activities in the area of operations. In military jargon, reconnai ...
, operated by the Turkish Ministry of National Defense. BILSAT-1
BILSAT-1 (formerly just ''BILSAT'') was an Earth observation satellite designed and developed by TÜBİTAK Space Technologies Research Institute (TÜBİTAK UZAY) and produced in Turkey as part of the Disaster Monitoring Constellation (DMC) project ...
and RASAT
RASAT was an Earth observation satellite designed and developed by TÜBİTAK Space Technologies Research Institute (TÜBİTAK UZAY) and produced in Turkey to provide high resolution imagery. It was the first remote sensing satellite fully realize ...
are the scientific observation satellites operated by the TÜBİTAK Space Technologies Research Institute
TÜBİTAK Space Technologies Research Institute () or TÜBİTAK UZAY for short, is a Turkish institution carrying out research and development projects on space technology, electronics, information technology, and related fields. It was establish ...
, which (together with Turkish Aerospace Industries
Turkish Aerospace Industries Inc. (, TAI or TUSAŞ) is a state-owned Arms industry, arms company in Turkey.
History
On 16 August 1925 the Turkish Aircraft and Engine Limited Company ''()'' factory was founded in Kayseri, Turkey. The company ...
and Aselsan) also takes part in the production of Turkey's satellites.
As of 2001, there were 16 AM, 107 FM, and 6 shortwave radio stations in the country.[
As of 2015, there were 42,275,017 ]internet user
The Internet (or internet) is the global system of interconnected computer networks that uses the Internet protocol suite (TCP/IP) to communicate between networks and devices. It is a network of networks that consists of private, publ ...
s in Turkey, which ranked 15th in the world;[ while as of 2012, there were 7,093,000 ]internet host
A network host is a computer or other device connected to a computer network. A host may work as a server offering information resources, services, and applications to users or other hosts on the network. Hosts are assigned at least one network a ...
s in the country, which ranked 16th in the world.[
]
Tourism
In 2023, Turkey was the fifth most visited destination in the world, with 55.2 million foreign tourists visiting the country. In 2019, Turkey ranked sixth in the world in terms of the number of international tourist arrivals, with 51.2 million foreign visitors.
Over the years, Turkey has emerged as a popular tourist destination for many Europeans, competing with other Mediterranean countries such as Greece
Greece, officially the Hellenic Republic, is a country in Southeast Europe. Located on the southern tip of the Balkan peninsula, it shares land borders with Albania to the northwest, North Macedonia and Bulgaria to the north, and Turkey to th ...
, Italy
Italy, officially the Italian Republic, is a country in Southern Europe, Southern and Western Europe, Western Europe. It consists of Italian Peninsula, a peninsula that extends into the Mediterranean Sea, with the Alps on its northern land b ...
and Spain
Spain, or the Kingdom of Spain, is a country in Southern Europe, Southern and Western Europe with territories in North Africa. Featuring the Punta de Tarifa, southernmost point of continental Europe, it is the largest country in Southern Eur ...
. Resorts in provinces such as Antalya
Antalya is the fifth-most populous city in Turkey and the capital of Antalya Province. Recognized as the "capital of tourism" in Turkey and a pivotal part of the Turkish Riviera, Antalya sits on Anatolia's southwest coast, flanked by the Tau ...
and Muğla
Muğla () is a city in southwestern Turkey. The city is the center of the district of Menteşe, Muğla, Menteşe and Muğla Province, which stretches along Turkey's Aegean Sea, Aegean coast. Muğla's center is situated inland at an altitude of ...
(which are located on the Turkish Riviera
The Turkish Riviera (), also known popularly as the Turquoise Coast, is an area of southwest Turkey encompassing the provinces of Antalya and Muğla, and to a lesser extent Aydın, southern İzmir and western Mersin. The combination of a ...
) have become very popular among tourists.
Medical tourism
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. 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.
Largest companies
In 2024, ten publicly traded Turkish companies were listed in the Forbes Global 2000
The ''Forbes'' Global 2000 is an annual ranking of the top 2000 public companies in the world, published by: sales, profit, assets and market value. The list has been published annually since 2003.
By country
Forbes Global 2000 as of 2023:
...
list – an annual ranking of the top 2000 public companies in the world by Forbes magazine
''Forbes'' () is an American business magazine founded by B. C. Forbes in 1917. It has been owned by the Hong Kong–based investment group Integrated Whale Media Investments since 2014. Its chairman and editor-in-chief is Steve Forbes. The c ...
. The banking industry leads with four companies in the list followed by the airline, automotive and retailer with one company each. There are also three conglomerates. As of 2024, the listed public companies were:
Long term GDP forecasts
The following "OECD
The Organisation for Economic Co-operation and Development (OECD; , OCDE) is an international organization, intergovernmental organization with 38 member countries, founded in 1961 to stimulate economic progress and international trade, wor ...
Long Term Projections" table was published in February 2022 for the 16 largest economies by GDP using PPP exchange rates from 2030 to 2060.
External trade and investment
As of 2016, the main trading partners of Turkey are the European Union, Russia
Russia, or the Russian Federation, is a country spanning Eastern Europe and North Asia. It is the list of countries and dependencies by area, largest country in the world, and extends across Time in Russia, eleven time zones, sharing Borders ...
, the United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotlan ...
, the UAE, Iraq, and China, many being top in both export as well as import. 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. In addition to the European-Turkish Customs Union, the Turkish government has signed free-trade agreements with 22 countries.
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.
The construction and contracting companies, such as Enka
is a Japanese music genre considered to resemble traditional Japanese music stylistically. Modern ''enka'', however, is a relatively recent musical form which adopts a more traditional musical style in its vocalism than ''ryūkōka'' music, pop ...
, Rönesans Holding
Rönesans Holding is a Turkish contracting and investment company operating in construction, real estate development, energy, industrial facilities and health. The company operates in Asia, Europe, and Africa. It was founded in 1993 by Erm ...
and Tekfen, have been significant players in the country's economy. As the Turkish emissions trading system has not yet been legislated the country has no carbon price
Carbon pricing (or pricing) is a method for governments to mitigate climate change, in which a monetary cost is applied to greenhouse gas emissions. This is done to encourage polluters to reduce fossil fuel combustion, the main driver of climat ...
, so large exporters to the European Union will have to pay the EU Carbon Border Adjustment Mechanism from 1 January 2026.
Turkey had many improvements in the ease of doing business index
Ease or EASE may refer to:
Computing
* Ease (programming language)
* Enhanced Acoustic Simulator for Engineers, software for optimizing acoustics
Health and medicine
* Methylone, marketed briefly in New Zealand as Ease
*Examination of Anomalous ...
. 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.
Natural resources
Energy
Renewable energy
Fossil fuels
=Gas
=
=Oil
=
=Coal
=
Minerals
In 2019, the country was the world's 2nd largest producer of chromium
Chromium is a chemical element; it has Symbol (chemistry), symbol Cr and atomic number 24. It is the first element in Group 6 element, group 6. It is a steely-grey, Luster (mineralogy), lustrous, hard, and brittle transition metal.
Chromium ...
; the largest producer of boron
Boron is a chemical element; it has symbol B and atomic number 5. In its crystalline form it is a brittle, dark, lustrous metalloid; in its amorphous form it is a brown powder. As the lightest element of the boron group it has three ...
; 6th largest producer of antimony
Antimony is a chemical element; it has chemical symbol, symbol Sb () and atomic number 51. A lustrous grey metal or metalloid, it is found in nature mainly as the sulfide mineral stibnite (). Antimony compounds have been known since ancient t ...
; 9th largest producer of lead
Lead () is a chemical element; it has Chemical symbol, symbol Pb (from Latin ) and atomic number 82. It is a Heavy metal (elements), heavy metal that is density, denser than most common materials. Lead is Mohs scale, soft and Ductility, malleabl ...
; 13th largest producer of iron ore
Iron ores are rocks and minerals from which metallic iron can be economically extracted. The ores are usually rich in iron oxides and vary in color from dark grey, bright yellow, or deep purple to rusty red. The iron is usually found in the f ...
; 11th largest producer of molybdenum
Molybdenum is a chemical element; it has Symbol (chemistry), symbol Mo (from Neo-Latin ''molybdaenum'') and atomic number 42. The name derived from Ancient Greek ', meaning lead, since its ores were confused with lead ores. Molybdenum minerals hav ...
; 4th largest producer of gypsum
Gypsum is a soft sulfate mineral composed of calcium sulfate Hydrate, dihydrate, with the chemical formula . It is widely mined and is used as a fertilizer and as the main constituent in many forms of plaster, drywall and blackboard or sidewalk ...
; 15th largest producer of graphite
Graphite () is a Crystallinity, crystalline allotrope (form) of the element carbon. It consists of many stacked Layered materials, layers of graphene, typically in excess of hundreds of layers. Graphite occurs naturally and is the most stable ...
; in addition to being the 11th largest producer of salt
In common usage, salt is a mineral composed primarily of sodium chloride (NaCl). When used in food, especially in granulated form, it is more formally called table salt. In the form of a natural crystalline mineral, salt is also known as r ...
.
As a gold producer Turkey is currently ranked 22nd globally. Hosting some of the largest gold deposits in the European continent it is currently Europe's largest gold producer, producing 42 tonnes of gold in 2020. World class deposits include Kisladag Mine 17Moz and Copler 10Moz.
Environment
Almost all post-covid stimulus was detrimental to the environment, with Russia being the only worse country. In the 21st century, Turkey's fossil fuel subsidies are around 0.2% of GDP, including at least US$14 billion (US$169 per person) between January 2020 and September 2021. Data on finance for fossil fuels by state-owned banks and export credit agencies
An export credit agency (known in trade finance as an ECA) or investment insurance agency is a private or quasi-governmental institution that acts as an intermediary between national governments and exporters to issue export insurance solutions ...
is not public.
As of 2023 fossil gas is subsidized more than electricity - equalizing the subsidies would benefit the environment.
Employment
The minimum wage in Turkey is ₺
The lira (; Currency sign, sign: Turkish lira sign, ₺; ISO 4217, ISO 4217 code: TRY; abbreviation: TL) is the official currency of Turkey. It is also legal tender in the ''de facto'' state of the Turkish Republic of Northern Cyprus. One lira i ...
22,104 (US$
The United States dollar (Currency symbol, symbol: Dollar sign, $; ISO 4217, currency code: USD) is the official currency of the United States and International use of the U.S. dollar, several other countries. The Coinage Act of 1792 introdu ...
630.36) as of January 1, 2025.
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%.
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. Environmentalists argue that some actions to improve the environment would also benefit the economy. For example, investing in wind power in Turkey
Wind power generates about 10% of Turkey's electricity, mainly in the west in the Aegean Region, Aegean and Marmara Region, Marmara regions, and is gradually becoming a larger share of Renewable energy in Turkey, renewable energy in the coun ...
and solar power in Turkey would create jobs and is competitive with fossil fuels.
Poverty
Turkey
Turkey, officially the Republic of Türkiye, is a country mainly located in Anatolia in West Asia, with a relatively small part called East Thrace in Southeast Europe. It borders the Black Sea to the north; Georgia (country), Georgia, Armen ...
made steady progress in reducing poverty
Poverty is a state or condition in which an individual lacks the financial resources and essentials for a basic standard of living. Poverty can have diverse Biophysical environmen ...
from the early 2000s to the mid-2010s, after which the trend levelled off. In 2022, social security expenditure stood at 12.4% of GDP according to OECD data.
Regional disparities
According to Eurostat
Eurostat ("European Statistical Office"; also DG ESTAT) is a department of the European Commission ( Directorate-General), located in the Kirchberg quarter of Luxembourg City, Luxembourg. Eurostat's main responsibilities are to provide statist ...
data, Turkish GDP per capita adjusted by purchasing power
Purchasing power refers to the amount of products and services available for purchase with a certain currency unit. For example, if you took one unit of cash to a store in the 1950s, you could buy more products than you could now, showing that th ...
standards stood at 64 percent of the EU average in 2018. Istanbul
Istanbul is the List of largest cities and towns in Turkey, largest city in Turkey, constituting the country's economic, cultural, and historical heart. With Demographics of Istanbul, a population over , it is home to 18% of the Demographics ...
has the largest GDP, while Kocaeli comes first in GDP per capita.
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. 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
Anatolia (), also known as Asia Minor, is a peninsula in West Asia that makes up the majority of the land area of Turkey. It is the westernmost protrusion of Asia and is geographically bounded by the Mediterranean Sea to the south, the Aegean ...
began reaching a higher economic standard. These cities are known as the Anatolian Tigers
In the context of the Turkish economy, Anatolian Tigers () are a number of cities in Turkey which have displayed impressive growth records since the 1980s, as well as a defined breed of entrepreneurs rising in prominence and who can often be trac ...
.
Richest and poorest NUTS-2 regions (GDP PPP 2022)
Source: Eurostat – ESA[https://ec.europa.eu/eurostat/databrowser/view/tgs00005/default/table?lang=en&category=t_na10.t_nama10.t_nama_10reg][https://ec.europa.eu/eurostat/databrowser/view/tgs00006/default/table?lang=en&category=t_na10.t_nama10.t_nama_10reg]
Richest and poorest NUTS-1 regions (GDP PPP 2022)
Source: Eurostat – ESA
See also
* Economic history of Turkey
The economic history of the modern Republic of Turkey has four eras. The first era's development policy was defined by the transition from an agricultural imperial Ottoman economy into a diversified more industrialized economy. It emphasized on p ...
* National debt of Turkey
The national debt of Turkey is the entire stock of direct, fixed-term, contractual, financial obligations of the state of the Republic of Turkey that are outstanding on a particular date.Government debt includes domestic and foreign liabilities ...
*List of companies of Turkey
Location of Turkey Turkey, officially Türkiye or the Republic of Türkiye is a transcontinental presidential republic in Eurasia, mainly on the Anatolian peninsula in Western Asia, with a smaller portion on the Balkan peninsula in Southeast E ...
*List of countries by labour force
This is a list of countries by size of the labour force mostly based on The World Factbook
''The World Factbook'', also known as the ''CIA World Factbook'', is a Reference work, reference resource produced by the United States' Central In ...
*List of countries by real GDP growth rate
This article includes lists of countries and Dependent territory, dependent territories sorted by their real gross domestic product economic growth, growth rate; the rate of growth of the total value of all final goods and services produced with ...
*List of countries by total wealth
National net wealth, also known as national net worth, is the total sum of the value of a country's assets minus its liabilities. It refers to the total value of net wealth possessed by the residents of a state at a set point in time. Despite ...
* Ista-Burs Megaregion
Notes
References
*
*
*
External links
Turkey Trade Statistics, World Bank
Green growth knowledge platform
−
{{DEFAULTSORT:Economy Turkey
Turkey
Turkey, officially the Republic of Türkiye, is a country mainly located in Anatolia in West Asia, with a relatively small part called East Thrace in Southeast Europe. It borders the Black Sea to the north; Georgia (country), Georgia, Armen ...
Turkey
Turkey, officially the Republic of Türkiye, is a country mainly located in Anatolia in West Asia, with a relatively small part called East Thrace in Southeast Europe. It borders the Black Sea to the north; Georgia (country), Georgia, Armen ...
Turkey
Turkey, officially the Republic of Türkiye, is a country mainly located in Anatolia in West Asia, with a relatively small part called East Thrace in Southeast Europe. It borders the Black Sea to the north; Georgia (country), Georgia, Armen ...