Business The Performance of the Turkish Economy

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BUSINESS The Performance of the Turkish Economy

2023

The Turkish economy grew by 5.1% in 2023, compared with 5.5%, 11.4%, 1.9%, 0.9%, 3%, and 7.4% for 2022, 2021, 2020, 2019, 2018, and 2017 respectively.

The Turkish lira devalued against the US Dollar by 57.5% in 2023, compared with 40.3% in 2022.

The average inflation rate for the year 2023 is 53.86%, and the annual inflation rate as of December 2023 is 64.77%. This compares with 72.31% and 64.27% for 2022 respectively.

Total exports were USD 255.6 billion and total imports were USD 362 billion in 2023. The foreign trade deficit decreased by 2.9% to USD 106.3 billion in 2023, compared with 2022. Exports increased by 0.6% and imports decreased by 0.5%.

The current account deficit for 2023 is USD 40.5 billion, compared with a USD 46.6 billion deficit in 2022, a USD 6.4 billion deficit in 2021, a USD 31.1 billion deficit in 2020, a USD 15 billion surplus in 2019, and deficits of USD 14.6 billion, USD 35.1 billion, and USD 22.2 billion in 2018, 2017, and 2016 respectively.

Foreign direct investment (FDI) to Turkey in 2023 was USD 10.6 billion. The figures for 2022, 2021, 2020, 2019, 2018, 2017 and 2016 were USD 13.7 billion, USD 12.9 billion, USD 7.7 billion, USD 9.5 billion, USD 12.5 billion, USD 11.2 billion, and USD 13.8 billion respectively.

Income per head of population for 2023 was USD 13,110, compared with USD 10,659 for 2022.

Income from tourism in 2023 was USD 54.3 billion, up 16.9% on 2022.

The annual unemployment rate for 2023 was 9.4%. The rate was recorded as 8.8% as for December 2023.

The population of Turkey is 85.4 million as of 2023 yearend and the percentage increase in population from 2022 is 0.1%.

2022

The Turkish economy grew by 5.5% in 2022, compared with 11.4%, 1.9%, 0.9%, 3%, and 7.4% for 2021, 2020, 2019, 2018, and 2017 respectively.

The Turkish lira devalued against the US Dollar by 40.3% in 2022, compared with 79.5% in 2021.

The average inflation rate for the year 2022 is 72.31%, and the annual inflation rate as of December 2022 is 64.27%. This compares with 19.60% and 36.08% for 2021 respectively.

Total exports were USD 254.2 billion and total imports were USD 363.7 billion in 2022. The foreign trade deficit increased by 137% to USD 109.5 billion in 2022, compared with 2021. Exports increased by 12.9% and imports increased by 34%.

The current account deficit for 2022 is USD 46.6 billion, compared with a USD 6.4 billion deficit in 2021, a USD 31.1 billion deficit in 2020, a USD 15 billion surplus in 2019, and deficits of USD 14.6 billion, USD 35.1 billion, and USD 22.2 billion in 2018, 2017, and 2016 respectively.

Foreign direct investment (FDI) to Turkey in 2022 was USD 13.7 billion. The figures for 2021, 2020, 2019, 2018, 2017 and 2016 were USD 12.9 billion, USD 7.7 billion, USD 9.5 billion, USD 12.5 billion, USD 11.2 billion, and USD 13.8 billion respectively.

Income per head of population for 2022 was USD 10,659, compared with USD 9,592 for 2021.

Income from tourism in 2022 was USD 46.3 billion, up 53.4% on 2021.

The annual unemployment rate for 2022 was 10.4%. The rate was recorded as 10.3% as for December 2022.

The population of Turkey is 85.3 million as of 2022 yearend and the percentage increase in population from 2021 is 0.7%.

2021

The Turkish economy grew by 11.4% in 2021, compared with 1.9%, 0.9%, 3%, and 7.4% for 2020, 2019, 2018, and 2017 respectively.

The Turkish lira devalued against the US Dollar by 79.5% in 2021, compared with 25.1% in 2020.

The average inflation rate for the year 2021 is 19.60%, and the annual inflation rate as of December 2021 is 36.08%. This compares with 12.28% and 14.60% for 2020 respectively.

Total exports were USD 225.3 billion and total imports were USD 271.4 billion in 2021. The foreign trade deficit decreased by 7.5% to USD 46.2 billion in 2021, compared with 2020. Exports increased by 32.8% and imports increased by 23.6%.

The current account deficit for 2021 is USD 6.4 billion, compared with a USD 31.1 billion deficit in 2020, a USD 15 billion surplus in 2019, and deficits of USD 14.6 billion, USD 35.1 billion, and USD 22.2 billion in 2018, 2017, and 2016 respectively.

Foreign direct investment (FDI) to Turkey in 2021 was USD 12.9 billion. The figures for 2020, 2019, 2018, 2017 and 2016 were USD 7.7 billion, USD 9.5 billion, USD 12.5 billion, USD 11.2 billion, and USD 13.8 billion respectively.

Income per head of population for 2021 was USD 9,592, compared with USD 8,600 for 2020.

Income from tourism in 2021 was USD 30.2 billion, up 103.6% on 2020.

The annual unemployment rate for 2021 was 12%. The rate was recorded as 11.2% as for December 2021.

The population of Turkey is 84.7 million as of 2021 yearend and the percentage increase in population from 2020 is 1.3%.

2020

The Turkish economy grew by 1.9% in 2020, compared with 0.9%, 3%, and 7.4% for 2019, 2018, and 2017 respectively.

The Turkish lira devalued against the US Dollar by 25.1% in 2020, compared with 12.5% in 2019.

The average inflation rate for the year 2020 is 12.28%, and the annual inflation rate as of December 2020 is 14.60%. This compares with 15.18% and 11.84% for 2019 respectively.

Total exports were USD 169.6 billion and total imports were USD 219.5 billion in 2020. The foreign trade deficit increased by 69% to USD 49.9 billion in 2020, compared with 2019. Exports decreased by 6.2% and imports increased by 4.4%.

The current account deficit for 2020 is USD 31.1 billion, compared with a USD 15 billion surplus in 2019, and deficits of USD 14.6 billion, USD 35.1 billion, and USD 22.2 billion in 2018, 2017, and 2016 respectively.

Foreign direct investment (FDI) to Turkey in 2020 was USD 7.7 billion. The figures for 2019, 2018, 2017 and 2016 were USD 9.5 billion, USD 12.5 billion, USD 11.2 billion, and USD 13.8 billion respectively.

Income per head of population for 2020 was USD 8,600, compared with USD 9,195 for 2019.

Income from tourism in 2020 was USD 14.8 billion, down 61.9% on 2019.

The annual unemployment rate for 2020 was 13.1%. The rate was recorded as 12.6% as for December 2020.

The population of Turkey is 83.6 million as of 2020 yearend and the percentage increase in population from 2019 is 0.6%.

2019

The Turkish economy grew by 0.9% in 2019, compared with 3%, 7.4%, and 3.2% for 2018, 2017, and 2016 respectively.

The Turkish lira devalued against the US Dollar by 12.5% in 2019.

The average inflation rate for the year 2019 is 15.18%, and the annual inflation rate as of December 2019 is 11.84%. This compares with 16.33% and 20.30% for 2018 respectively.

Total exports were USD 180.8 billion and total imports were USD 210.3 billion in 2019. The foreign trade deficit decreased by 45.3% to USD 29.5 billion in 2019, compared with 2018. Exports increased by 2.1% and imports decreased by 9%.

The current account surplus for 2019 is USD 15 billion.

Foreign direct investment (FDI) to Turkey in 2019 was USD 9.5 billion. The figures for 2018, 2017 and 2016 were USD 12.5 billion, USD 11.2 billion, and USD 13.8 billion respectively.

Income per head of population for 2019 was USD 9,195, compared with USD 9,793 for 2018.

Income from tourism in 2019 was USD 38.9 billion, up 27.4% on 2018.

The annual unemployment rate for 2019 was 13.7%. The rate was also 13.7% as of December 2019.

The population of Turkey is 83.2 million as of 2019 yearend and the oercentage increase in population from 2018 is 1.4%.

2018

The Turkish economy grew by 3% in 2018, compared with 7.4%, 3.2%, and 5.9% for 2017, 2016, and 2015 respectively.

The Turkish lira devalued against the US Dollar by 38.9% in 2018.

The average inflation rate for the year 2018 is 16.33%, and the annual inflation rate as of December 2018 is 20.30%. This compares with 11.13% and 11.92% for 2017 respectively.

Total exports were USD 177.2 billion and total imports were USD 231.2 billion in 2018. The foreign trade deficit decreased by 27.3% to USD 54 billion in 2018, compared with 2017. Exports increased by 7.7% and imports decreased by 3.2%.

The current account deficit for 2018 is USD 14.6 billion.

Foreign direct investment (FDI) to Turkey in 2018 was USD 12.5 billion. The figures for 2017, 2016 and 2015 were USD 11.2 billion, USD 13.8 billion and USD 19.3 billion respectively.

Income per head of population for 2018 was USD 9,793, compared with USD 10,696 for 2017.

Income from tourism in 2018 was USD 30.5 billion, up 12.9% on 2017.

The annual unemployment rate for 2018 was 11%. The rate was 13.5% as of December 2018.

The population of Turkey is 82 million as of 2018 yearend and the percentage increase in population from 2017 is 1.5%.

2017

The Turkish economy grew by 7.4% in 2017, compared with 3.2%, 5.9%, 5%, 4.2%, 2.1% and 8.8% for 2016, 2015, 2014, 2013, 2012 and 2011 respectively.

The Turkish lira devalued against the US Dollar by 7.4% in 2017.

The average inflation rate for the year 2017 is 11.13%, and the annual inflation rate as of December 2017 is 11.92%. This compares with 7.78% and 8.53% for 2016 respectively.

Total exports were USD 164.5 billion and total imports were USD 238.7 billion in 2017. The foreign trade deficit increased by 40.2% to USD 74.2 billion in 2017, compared with 2016. Exports increased by 10.2% and imports increased by 18.1%.

The current account deficit for 2017 is USD 35.1 billion.

Foreign direct investment (FDI) to Turkey in 2017 was USD 11.2 billion. The figures for 2016, 2015 and 2014 were USD 13.8 billion, USD 19.3 billion and USD 13.3 billion respectively.

Income per head of population for 2017 was USD 10,696, compared with USD 10,964 for 2016.

Income from tourism in 2017 was USD 27 billion, up 18.4% on 2016.

The annual unemployment rate for 2017 was 10.9%. The rate was 10.4% as of December 2017.

The population of Turkey is 80.8 million as of 2017 yearend and the percentage increase in population from 2016 is 1.3%.

2016

The Turkish economy grew by 3.2 % in 2016, compared with 5.9%, 5%, 4.2%, 2.1% and 8.8% for 2015, 2014, 2013, 2012 and 2011 respectively. The method for calculating GNP changed in 2016 such that the growth rate for this year and also for those of 2015 and 2014 have been revised.

The Turkish lira devalued against the US Dollar by 20.6% in 2016.

The average inflation rate for the year 2016 is 7.78%, and the annual inflation rate as of December 2016 is 8.53%. This compares with 7.67% and 8.81% for 2015 respectively.

Total exports were USD 149.2 billion and total imports were USD 202.2 billion in 2016. The foreign trade deficit decreased by 15.5% to USD 53 billion in 2016, compared with 2015. Exports decreased by 1.1% and imports decreased by 5.4%.

The current account deficit for 2016 is USD 22.2 billion.

Foreign direct investment (FDI) to Turkey in 2016 was USD 13.8 billion. The figures for 2015 and 2014 were USD 19.3 billion and USD 13.3 billion respectively.

Income per head of population for 2016 was USD 10,964, compared with USD 11,085 for 2015.

Income from tourism in 2016 was USD 22.8 billion, down 29.7% on 2015.

The annual unemployment rate for 2016 was 10.9%. The rate was 12.7% as of December 2016.

The population of Turkey is 79.8 million as of 2016 yearend and the percentage increase in population is 1.4%.

2015

The Turkish economy grew by 5.9% in 2015, compared with 5%, 4.2%, 2.1% and 8.8% for 2014, 2013, 2012 and 2011 respectively. The method for calculating GNP changed in 2016 such that the growth rate for this year and also for those of 2015 and 2014 have been revised.

The Turkish lira devalued against the US Dollar by 25.4 % in 2015.

The average inflation rate for the year 2015 is 7.67%, and the annual inflation rate as of December 2015 is 8.81%. This compares with 8.85% and 8.17% for 2014 respectively.

Total exports were USD 151 billion in 2015, compared with USD 213.6 billion for imports. The foreign trade deficit decreased by 26 % to USD 62.6 billion in 2015, compared with 2014. Exports decreased by 9.3 % and imports decreased by 14.9 %.

The current account deficit for 2015 is USD 21.4 billion.

Foreign direct investment (FDI) to Turkey in 2015 was US Dollar 19.3 billion. The figures for 2014 and 2013 were USD 13.3 billion and USD 13.6 billion respectively.

Income per head of population for 2015 was USD 11,085, compared with USD 12,178 for 2014.

Income from tourism in 2015 was USD 32.5 billion, down 7.5% on 2014.

The annual unemployment rate for 2015 was 10.3%. The rate was 10.8 % as of December 2015.

The population of Turkey is 78.7 million as of 2015 yearend, of which 48.3% is under 30 years of age. The percentage increase in population from 2014 is 1.3%.

2014

The Turkish economy grew by 5% in 2014, compared with 4.2%, 2.1% and 8.8% for 2013, 2012 and 2011 respectively.

The method for calculating GNP changed in 2016 such that the growth rate for this year and also for those of 2015 and 2014 have been revised.

The Turkish lira devalued against the US Dollar by 9.2 % in 2014.

The average inflation rate for the year 2014 is 8.85%, and the annual inflation rate as of December 2014 is 8.17%. This compares with 7.49% and 7.40% for 2013 respectively.

Total exports were USD 166.5 billion in 2014, compared with USD 251.1 billion for imports. The foreign trade deficit decreased by 14.8 % to USD 84.6 billion in 2014, compared with 2013. Exports increased by 3.1 % and imports decreased by 3.7 %.

The current account deficit for 2014 is USD 32.1 billion.

Foreign direct investment (FDI) to Turkey in 2014 was USD 13.3 billion. The figures for 2013 and 2012 were USD 13.6 billion and USD 13.7 billion respectively.

Income per head of population for 2014 was USD 12,178, compared with USD 12,582 for 2013.

Income from tourism in 2014 was USD 35.1 billion, up 6.2% on 2013.

The annual unemployment rate for 2014 was 9.9 %. The rate was 10.9 % as of December 2014.

The population of Turkey is 77.7 million as of 2014 yearend, of which 48.8% is under 30 years of age. The percentage increase in population from 2013 is 1.3%.

2013

The Turkish Economy grew by 4,2% in 2013, compared with 2.1%, 8.8% and 9.2% for 2012, 2011 and 2010 respectively.

The Turkish lira has devalued against the US Dollar by 19.5% in 2013.

The average inflation rate for the year 2013 is 7.49%, and the annual inflation rate as of December 2013 is 7.40%. This compares with 8.94% and 6.16% for 2012 respectively.

Total exports were USD 161.5 billion in 2013, compared with USD 260.8 billion for imports, resulting in a foreign trade deficit of USD 99.3 billion in 2013.

The current account deficit for 2013 is USD 49.3 billion, compared with USD 41.8 billion in 2012.

Foreign direct investment (FDI) to Turkey in 2013 was USD 13.6 billion. The figures for 2012 and 2011 were USD 13.7 million and USD 16.2 billion respectively.

Income per head of population for 2013 was USD 12,582.

Income from tourism in 2013 was USD 33.1 billion, up 11.4% on 2012.

The annual unemployment rate for 2013 was 9.0 %. The rate was 9.6 % as of December 2013.

The population of Turkey is 76.7 million as of 2013 yearend, of which half is under 30.4 years of age. The percentage increase in population from 2012 is 1.4%.