BUSINESS The Performance of the Turkish Economy

 

2021

The Turkish economy grew by 11% in 2021, compared with 1.8%, 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 2020 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 14 billion, compared with a USD 35.5 billion deficit in 2020, a USD 5.3 billion surplus in 2019, and deficits of USD 21.7 billion, USD 40.9 billion, and USD 27 billion in 2018, 2017, and 2016 respectively.

Foreign direct investment (FDI) to Turkey in 2021 was USD 14 billion. The figures for 2020, 2019, 2018, 2017 and 2016 were USD 7.8 billion, USD 9.6 billion, USD 12.5 billion, USD 11.2 billion, and USD 13.8 billion respectively.

Income per head of population for 2021 was USD 9,537, compared with USD 8,597 for 2020.  

Income from tourism in 2021 was USD 24.5 billion, up 103% 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 and the rate of increase in population from 2020 is 1.3%.

 

2020

The Turkish economy grew by 1.8% 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 35.4 billion, compared with a USD 5.3 billion surplus in 2019, and deficits of USD 21.7 billion, USD 40.9 billion, and USD 27 billion in 2018, 2017, and 2016 respectively.

Foreign direct investment (FDI) to Turkey in 2020 was USD 7.8 billion. The figures for 2019, 2018, 2017 and 2016 were USD  9.6 billion, USD 12.5 billion, USD 11.2 billion, and USD 13.8 billion respectively.

Income per head of population for 2020 was USD 8,597, compared with USD 9,208 for 2019.  

Income from tourism in 2020 was USD 12.1 billion, down 65.1% on 2019.

The annual unemployment rate for 2020 was 13.2%. The rate was recorded as 12.6% as for December 2020.

The population of Turkey is 83.6 million and the rate of 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 5.3 billion.

Foreign direct investment (FDI) to Turkey in 2019 was USD 9.6 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 9,208, compared with USD 9,793 for 2018.  

Income from tourism in 2019 was USD 34.5 billion, up 17% 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 and the rate of 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 21.7 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 29.5 billion, up 12.3% 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 and the rate of increase in population from 2017 is 1.48%.

 

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 40.9 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 26.3 billion, up 18.9% 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 and the rate of increase in population from 2016 is 1.25 %.

 
 
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 27 billion.

Foreign direct investment (FDI) to Turkey in 2016 was USD 13.8 billion. The figures for 2015 and 2014 were USD19.3 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 22.1 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 and the annual rate of increase in population is 1.36 %.
 
 
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 27.3 billion.

Foreign direct investment (FDI) to Turkey in 2015 was US Dollar 19,263 million. The figures for 2014 and 2013 were USD       13,337 million and USD 13,563 million 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 31.5 billion, down 8.2% 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, of which 48.3 % is under 30 years of age. The annual rate of increase in population is    1.34 %.
 

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 38.8 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 34.3 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, of which 48.8 % is under 30 years of age. The annual rate of increase in population is 1.33 %.
 

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 55.9 billion.

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 32.3 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, of which half is under 30.4 years of age. The annual rate of increase in population is      1.37%.
 
 
Turkey’s net minimum wage has been raised 50.52% to TL 4,253.40 (USD 319) as of 01.01.2022       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s official annual inflation rate rises further to 69.97% in April 2022       Turkey’s official unemployment rate jumps to 11.5% in March 2022       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 84,680,273 as of 2021 yearend       Foreigners visiting Turkey in 2021 increase by 94.1% to 24.7 million       Turkey’s private sector foreign debt is USD 169.4 billion as of 2021 yearend       Turkey’s economy grew 11% in 2021       Foreign Direct Investment to Turkey in 2021 was USD 14 billion       Turkey’s current account records a deficit of USD 14 billion in 2021