Turkey GDP in 2024: Current Statistics
tr-economy
Turkey’s strategic location, skilled labor force, and strong domestic consumption have positioned it as one of the most dynamic emerging economies in terms of GDP growth and economic strength. With a mixed economy driven by manufacturing, services, and agriculture, Turkey has maintained steady expansion over the past two decades.
Overview of Turkey’s Economy
Turkey's economic landscape is defined by a diverse industrial base and a rapidly growing services sector. Between 2002 and 2022, the country recorded an average GDP growth of 5.4%, fueled by a robust manufacturing industry specializing in textiles, automotive production, and electronics.
While agriculture is a smaller contributor to GDP, it still plays a vital role in employment and exports, with key products including wheat, cotton, and tobacco. Additionally, Turkey’s tourism sector has witnessed remarkable growth, welcoming over 40 million visitors in 2022, further boosting the services sector.
Key Economic Sectors and Contributions
- Industrial Sector: Comprising 31.3% of GDP, with manufacturing contributing 22%. The automobile and textile industries dominate, while iron, steel, and chemicals support the broader manufacturing sector.
- Agriculture: Although employing over 25% of the workforce, it contributes less to GDP than industry and services.
- Services & Tourism: A major growth driver, with Turkey being the fifth-largest textile exporter and a key global tourism hub.
Turkey’s GDP and Growth Projections
Turkey’s GDP expanded by 4.5% in 2023, down from 5.5% in 2022, with the IMF forecasting 3.1% growth for 2024. However, economic challenges persist, including:
- High inflation (averaging 65%) due to past unorthodox monetary policies.
- Currency depreciation and external debt raising concerns over economic stability.
- Damage from the 2023 earthquakes, estimated at over $150 billion.
