Ranking of Economies by GDP at PPP*
The Turkish economy posted record growth and climbed from 18th place to 11th globally from 2003 to 2021.
Source:
IMF WEO, Oc tober 2022
*PPP: Purchasing Power Parity
Average Annual GDP Growth (%, 2002-2022)
Türkiye has outpaced its peer economies, and the growth momentum is set to continue in the coming years.
Created with Highcharts 10.3.3 Chart context menu BULGARIA 2.2 HUNGARY 2.9 CZECHIA 2.5 ROMANIA 3.6 POLAND 3.8 TÜRKİYE 5.4 BULGARIA HUNGARY CZECHIA ROMANIA POLAND TÜRKİYE
Source: IMF WEO
Real GDP Growth (Index: 2002=100)
Created with Highcharts 10.3.3 Chart context menu TÜRKİYE POLAND ROMANIA BULGARIA CZECHIA HUNGARY 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 75 100 125 150 175 200 225 250 275 300
Source : IMF WEO
Gross Public Debt Stock as % of GDP
Adhering to prudent fiscal discipline, Türkiye drastically diminished the public debt stock from above 70 percent in 2002 down to around 38 percent in 2021.
Created with Highcharts 10.3.3 Chart context menu TÜRKİYE EU 27 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 20 30 40 50 60 70 80 90 100
Source: Eurostat, Ministry of Treasury and Finance, IMF WEO
Budget Balance as % of GDP
The positive effect of the fiscal discipline has been reflected as a noticeably diminished deficit in Türkiye’s budget balance during the past 20 years.
Created with Highcharts 10.3.3 Chart context menu TÜRKİYE EU 27 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 -12 -10 -8 -6 -4 -2 0
Source: Eurostat, Ministry of Treasury and Finance, IMF WEO
GDP at Current Prices (USD billion)
Over the past 20 years, Türkiye has put in a noteworthy performance by increasing the size of its overall economy from USD 236 billion in 2002 to USD 906 billion in 2022.
Created with Highcharts 10.3.3 Chart context menu 236 236906 9062002 2022 0 100 200 300 400 500 600 700 800 900 1000
Source: TurkStat
Contribution to GDP Growth (%, 2002-2021)
Türkiye's economic growth over the past 20 years has been driven by a robust domestic market and an entrepreneurial private sector that combined have spurred investments and exports.
Created with Highcharts 10.3.3 Chart context menu 74 7430 3025 25-8 -8-21 -21DOMESTIC CONSUMPTION INVESTMENT EXPENDITURES EXPORTS STOCKS IMPORTS -30 -20 -10 0 10 20 30 40 50 60 70 80
Source: TurkStat
Employment Creation (2003-2021)
Türkiye successfully generated approximately 28.8 million new jobs during the 2003-2021 period.
Created with Highcharts 10.3.3 Chart context menu Job Creation (Million, LHS) Job Increase (%, RHS) SLOVAKIA SLOVENIA BULGARIA HUNGARY CZECHIA ROMANIA POLAND TÜRKİYE 0 4 8 12 16 20 24 28 32 -24% -16% -8% 0% 8% 16% 24% 32% 40%
Source: OECD
Exports of Goods in Türkiye and the World
With an eye-catching 10.3 percent average annual growth in exports, Türkiye has outpaced the world performance and increased its export volume from USD 36 billion to USD 254 billion over the past 20 years.
Created with Highcharts 10.3.3 Chart context menu TÜRKİYE (USD Billion, LHS) WORLD (USD Trillion, RHS) 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0 30 60 90 120 150 180 210 240 0 15 30 45 60 75 90 105 120
Source: TurkStat, International Trade Centre (ITC)
Türkiye: 10.1% CAGR (2002-2021); World: 6.7% CAGR (2002-2021)
Türkiye's Share in Global Exports of Goods
In line with its remarkable performance, Türkiye's share in global exports has increased from less than 0.6 percent in 2002 to around 1 percent in 2021.
Created with Highcharts 10.3.3 Chart context menu % 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 0% 0.1% 0.2% 0.3% 0.4% 0.5% 0.6% 0.7% 0.8% 0.9% 1% 1.1%
Source: ITC
Türkiye's Exports by Destination
Türkiye has grown its overall export volume from USD 36 billion in 2002 to USD 254.2 billion in 2022 and has achieved significant export diversification both in terms of export destinations and products.
Created with Highcharts 10.3.3 Chart context menu MIDDLE EAST AND AFRICA NORTH AMERICA EU 27 OTHER COUNTRIES 2002 ($36 BILLION) 2022 ($254.2 BILLION) 0 5 10 15 20 25 30 35 40 45 50 55
Source: TurkStat Number of Export Products over USD 1 Billion
Created with Highcharts 10.3.3 Chart context menu 9 953 532002 2022 0 5 10 15 20 25 30 35 40 45 50 55 60
Source: TurkStat
