GDP reading: Spain’s GDP increased 0.8% in seasonally adjusted quarter-on-quarter terms in Q4, following 0.6% growth in the previous quarter....
Economic Growth in Turkey
Turkey's economy recorded an average growth rate of 4.8% in the decade to 2024, compared to the 2.8% average for South-Eastern Europe. In 2024, real GDP growth was 3.2%. For more GDP information, visit our dedicated page.
Turkey GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Turkey from 2014 to 2025.
Source: Macrobond.
Turkey GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | 1.8 | 11.8 | 5.4 | 5.0 | 3.3 |
| GDP (USD bn) | 732 | 834 | 924 | 1,138 | 1,357 |
| GDP (EUR bn) | 642 | 705 | 879 | 1,053 | 1,255 |
| GDP (TRY bn) | 5,142 | 7,434 | 15,326 | 27,091 | 44,587 |
| Economic Growth (Nominal GDP, ann. var. %) | 16.8 | 44.6 | 106.2 | 76.8 | 64.6 |
Economic growth decelerates in Q3 but remains solid
GDP reading: Turkey's GDP grew 1.1% in seasonally adjusted quarter-on-quarter terms in Q3, following 1.6% growth in the previous quarter. On a year-on-year basis, the economy expanded 3.7% in Q3, following 4.9% growth in the prior quarter. Despite the slowdown, the economy continued to perform well relative to the Eastern European average. Moreover, the quarter-on-quarter expansion was more than double market expectations.
Drivers: Compared with the prior period's data, the reading for imports of goods and services softened in Q3 (-4.4% in seasonally adjusted quarter-on-quarter terms vs +2.6% in Q2). In contrast, readings strengthened for private consumption (+2.1% vs -1.5% in Q2), government spending (+1.3% vs -2.5% in Q2), fixed investment (+4.0% vs +3.0% in Q2) and exports of goods and services (+2.9% vs -2.9% in Q2).
Panelist insight: On the data and outlook, ING’s Muhammet Mercan said: “Overall, despite the headline weakness in the third quarter, the seasonally adjusted quarterly pace has remained strong, defying previous expectations of a significant slowdown in momentum. This suggests upside risks to the growth outlook, especially amid ongoing monetary easing. […] Accordingly, we have raised our full-year GDP growth forecast for 2025 to 3.8%, up from the previous estimate of 3.4%. The growth outlook and still-elevated inflation will likely lead the central bank to keep rate cuts measured.”
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 41 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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