Türkiye emerged as the fastest-growing G20 country in the fourth quarter of 2024, with a 1.7% expansion compared to the previous quarter, according to data from the Organization for Economic Cooperation and Development (OECD).
The overall G20 economy grew by 0.9% quarter-on-quarter in Q4 2024, with China and India following Türkiye at 1.6% growth, while Indonesia achieved 1.2%.
In comparison,
- The U.S. economy expanded by 0.6%,
- The EU recorded 0.4% growth,
- The U.K. grew by just 0.1%,
- Germany (-0.2%), France (-0.1%), and Mexico (-0.6%) saw contractions.
Annual Growth Rankings: Türkiye Among Top Performers
According to preliminary annual figures, G20 economies grew by 3.2% in 2024.
- India led with 6.7% growth.
- China and Indonesia followed at 5%.
- Türkiye matched the G20 average at 3.2%, making it the fastest-growing OECD country alongside Spain.
Other notable OECD growth rates:
- U.S.: 2.8%
- Lithuania: 2.7%
- Norway: 2.1%
- Germany (-0.2%) and Austria (-1%) contracted.
Türkiye’s Economy Expands to $1.32 Trillion in 2024
- Türkiye’s GDP reached $1.32 trillion in 2024, with per capita income rising to $15,463.
- The economy had grown 5.1% in 2023, when its size was $1.13 trillion.
Government Growth Projections for 2025-2027
The Turkish government expects 4% growth in 2025, which would bring the economy to $1.47 trillion and per capita income to $17,028.
Further projections:
- 2026: 4.5% growth, GDP at $1.64 trillion, per capita income at $18,990.
- 2027: 5% growth, GDP at $1.77 trillion, per capita income at $20,420.
Türkiye’s sustained economic momentum reflects strong domestic demand, investment trends, and government-led growth policies amid global economic uncertainties.