GDP reading: The economy contracted 0.2% on a seasonally adjusted quarter-on-quarter basis in the first quarter, contrasting the fourth quarter’s...
Economic Growth in Turkey
Turkey's GDP growth from 2013 to 2022 was marked by volatility, influenced by political instability, monetary policy challenges, and currency fluctuations. The early years saw robust growth, but political upheavals and security concerns slowed the economy mid-decade. A sharp currency devaluation in 2018 prompted a further slowdown. That said, Turkey was one of the few large economies to avoid contraction in 2020 during the pandemic, and has notched rapid GDP growth in the two years since then.
Turkey's economy recorded an average growth rate of 5.3% in the decade to 2022, higher than the 2.5% average for Eastern Europe. In 2022, real GDP growth was 5.5%. For more GDP information, visit our dedicated page.
Turkey GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Turkey from 2024 to 2022.
Source: Macrobond.
Turkey GDP Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | 0.8 | 1.9 | 11.4 | 5.5 | 5.1 |
| GDP (USD bn) | 760 | 719 | 814 | 905 | 1,115 |
| GDP (EUR bn) | 679 | 630 | 688 | 861 | 1,031 |
| GDP (TRY bn) | 4,318 | 5,049 | 7,256 | 15,012 | 26,546 |
| Economic Growth (Nominal GDP, ann. var. %) | 14.8 | 16.9 | 43.7 | 106.9 | 76.8 |
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Turkish GDP projections for the next ten years from a panel of 43 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Turkish GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Turkish GDP projections.
Want to get access to the full dataset of Turkish GDP forecasts? Send an email to info@focus-economics.com.
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