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2023
Turkey's GDP for the year grew by 4.5% amid wild inflation
In 2023, the Turkish economy showed growth of about 4.5% compared to the previous year. For comparison, in 2022, the positive dynamics of GDP was recorded at 5.5%. Such indicators are reflected in the report of the Institute of Statistics of Turkey (TurkStat), published on February 29, 2024.
The document says that GDP per capita in Turkey in 2023 amounted to $13.11 thousand. Exports of goods and services declined by 2.7% year-on-year, while imports increased by 11.7%. Employee pay increased by an average of 116% year-on-year.
In the segment of financial and insurance activities in 2023, an increase of 9% was noted compared to the previous year, in construction - by 7.8%, in the field of services - by 6.4%. In public administration, education, health and social activities, year-on-year growth of 3.8% was demonstrated. The real estate market showed an increase of 2.7%. In the information and communication area, the growth was 1.3%. In professional, administrative and auxiliary activities, an increase of 1.2% was noted, in industry - 0.8%. The agricultural sector contracted by 0.2%.
It is noted that the Turkish economy is growing against the background of rapid inflation. In December 2023, it amounted to 64.8% on an annualized basis. And in May 2024, inflation is estimated at 75.5%, compared with 69.8% in April. The cost of utilities in the country rose by 93.2% year-on-year. Food prices rose by 70.1%, clothing and footwear - by 50.9%, furniture and household appliances - by 69.3%. Prices in cafes and restaurants jumped 92.9%.
 | In 2023, the Turkish economy grew by 4.5%, exceeding $1.1 trillion. We continue to take decisive steps to combat inflation by coordinating monetary and fiscal policy, says Turkish Finance Minister Mehmet Šimšek.[1] |  |
Twelfth in the world in PPP GDP
2.7% growth forecast
4% growth in Q1
Turkey's economy grew faster than expected in early 2023, helped by pre-election spending and high levels of household consumption.
In the first quarter, GDP grew by 4% on an annualized basis, which exceeded the forecast.
In May 2023, the European Bank for Reconstruction and Development lowered Turkey's GDP growth forecast for 2023 to 2.5% from 3%, citing external vulnerability due to pressure on the lira and a huge current account deficit.
2022
5.6% GDP growth
Growth GDP Turkey in 2022 was 5.6%.
Turkey's economy grew faster than expected in the last quarter of 2022, thanks to a surge in government and household spending.
GDP grew by 3.5% in October-December compared to a year earlier, data from the state stat showed. TurkStat agencies.
Eleventh in the world in PPP GDP after Britain
In August 2023, the World Bank updated its PPP GDP estimates for the world at the end of 2022.
Turkey's share of global PPP GDP exceeded 2%
Main article: World Economy
GDP estimate - $0.9 trillion
GDP size forecast - $0.69 trillion
2021
GDP size - $0.8 trillion
Agriculture's share of GDP - 5.5%
2020: GDP growth of 1.8% and 250% over 20 years
In 2020, the Turkish economy grew by 1.8% compared to 0.9% growth in 2019. The increase in bank lending almost 2 times in the second half of 2020 made it possible to partially compensate for the negative consequences of the COVID-19 coronavirus pandemic and related restrictions.
The sharp growth of Turkey's gross domestic product (GDP) in the second half of 2020 (by 5.9% in the fourth quarter) was mainly caused by a twofold increase in lending to state banks. Even though Turkey is outperforming every emerging market (EM) and G20 except China, growth has come at a price: cheap lending has accelerated a record fall in the lira, reduced the country's foreign exchange reserves and affected inflation to 15%.
Senior marketing economist at Capital Economics Jason Tewey argues that the recovery was "unbalanced," ultimately exacerbating some of the country's external vulnerabilities.
Activity in the country's financial sector increased by more than 21% in 2020, which led to overall growth. Activity in tourism and other services fell by 4.3%, and the construction sector, which was the engine of growth in previous years, decreased by 3.5%.
Over 20 years, Turkey's GDP has grown by 250%.
Finance Minister Lutfi Elvan, appointed in November 2020, said in early March 2021 that Turkey would prioritize price stability this year. Analysts say the economy should grow about 5% in 2021 despite tight monetary policy.
Jason Tuvi of Capital Economics said Turkey's November 2020 shift to a more orthodox policy helped the country avoid a "full-blown balance of payments crisis," and he predicts a sustained recovery could not happen until the second half of 2021.[2]
2017: Comparison of GDP per capita of Turkey and Iran since 1960
See also
Notes
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