Economy of Turkey

History

Main article: Economic history of the Ottoman Empire, Economic history of Turkey

Data

The following table shows the main economic indicators from 1980 to 2024 (with IMF staff estimates in 2024–2029). Inflation below 10% is in green.

Main economic sectors

As of November 2023, there are 1,086,670 registered companies based in Turkey. The sector with the highest number of companies registered in the country is manufacturing with 241,362 companies. This is followed by wholesale trading and services with 197,476 and 187,325 companies respectively.

Agricultural sector

Industrial sector

Heavy industry is tending to move out of the EU due to Turkey's laxer pollution regulations and cheaper energy.

Consumer electronics and home appliances

Turkey's Vestel is the largest TV producer in Europe, accounting for a quarter of all TV sets manufactured and sold on the continent in 2006. By January 2005, Vestel and its rival Turkish electronics and white goods brand Beko accounted for more than half of all TV sets manufactured in Europe. Another Turkish electronics brand, Profilo Telra, was Europe's third-largest TV producer in 2005.

Textiles and clothing

Turkey is the world's fifth-largest exporter of textiles, accounting for 10% of the country's GDP and employing 750 000 people in 2018. Turkish companies made clothing exports worth $13.98 billion in 2006; more than $10.67 billion of which (76.33%) were exported to the European Union.

Motor vehicles and automotive products

Main article: Automotive industry in Turkey

The automotive industry in Turkey, which plays an important role in the manufacturing sector of the Turkish economy, produced 1,352,648 motor vehicles in 2022, ranking as the 13th largest producer in the world (production peaked at 1,695,731 motor vehicles in 2017, when Turkey also ranked 13th). Turkish automotive companies like TEMSA, Otokar and BMC are among the world's largest van, bus and truck manufacturers. Togg, or Turkey's Automobile Joint Venture Group Inc. is the first all-electric vehicle company of Turkey.

The automotive industry is an important part of the economy since the late 1960s. The companies that operate in the sector are mainly located in the Marmara Region. With a cluster of car-makers and parts suppliers, the Turkish automotive sector has become an integral part of the global network of production bases, exporting over $22.94 billion worth of motor vehicles and components in 2008.

Global car manufacturers with production plants include Fiat/Tofaş, Oyak-Renault, Hyundai, Toyota, Honda and Ford/Otosan. Turkish automotive companies like TEMSA, Otokar and BMC are among the world's largest van, bus and truck manufacturers. Togg is a new Turkish automotive company established in 2018 for producing EVs. Togg's factory in Gemlik, Bursa Province, was inaugurated on 29 October 2022, the 99th anniversary of the Turkish Republic.

Turkey's annual auto exports, including trucks and buses, surpassed 1 million units for the first time in 2016 as foreign automakers' investment in new models and a recovery in its mainstay European market lifted shipments. According to the industry group Automotive Manufacturers Association (OSD), Turkey-based car plants exported 1.14 million units in 2016, up 15% from the year before. Auto exports hit a record high for the fourth straight year. Production grew 9% year on year in 2016 to 1.48 million units, setting a new record for the second consecutive year. Nearly 80% of vehicles produced in Turkey were exported.

Multiple unit trains, locomotives and wagons

TÜLOMSAŞ (1894), TÜVASAŞ (1951) and EUROTEM (2006) are among the major producers of multiple unit trains, locomotives and wagons in Turkey, including high-speed EMU and DMU models.

Bozankaya is a Turkish manufacturer of rolling stock including metro, tram and trolleybus vehicles in Ankara.

Defence industry

Main article: Defense industry of Turkey

Other important products include the TAI TF Kaan, TF2000-class destroyer, Milgem class corvette, Baykar MIUS Kızılelma UCAV, Baykar Akıncı HALE UCAV, Baykar Bayraktar TB2 MALE UCAV, TAI Aksungur MALE UCAV, TAI Anka MALE UAV/UCAV, Aselsan İzci UGV, Altay main battle tank, T-155 Fırtına self-propelled howitzer, J-600T missile, T-129 attack helicopter, A400M, Roketsan UMTAS anti-tank missile, Roketsan Cirit laser-guided rocket, Panter howitzer, ACV-300, Otokar Cobra and Akrep, BMC Kirpi, FNSS Pars 6x6 and 8x8 APC, Nurol Ejder 6x6 APC, TOROS artillery rocket system, Bayraktar Mini UAV, ASELPOD, and SOM cruise missile.

Steel-Iron industry

Turkey ranks 8th in the list of countries by steel production. In 2013, total steel production was 35.134 million tonnes. Turkey's crude steel production reached a record high of 34.1 million tons in 2011. Notable producers (above 2 million tonnes) and their ranks among top steel producing companies.

• Erdemir (7.1 million tonnes) (47th) (Only Erdemir-Turkey; Erdemir-Romania is not included)
• Habaş (4.4 million tonnes) (72nd)
• İçdaş (3.6 million tonnes) (76th)
• Diler (2.3 million tonnes) (108th)
• Çolakoğlu (2.1 million tonnes) (110th)

Science and technology

Main article: Science and technology in Turkey

Turkey boasts over 80 technoparks where around 6,000 national and multinational companies engage in R&D activities. TÜBİTAK is the leading agency for developing science, technology and innovation policies in Turkey. The Turkish Academy of Sciences is an autonomous scholarly society acting to promote scientific activities in Turkey. TAEK is the official nuclear energy institution of Turkey. Its objectives include academic research in nuclear energy, and the development and implementation of peaceful nuclear tools.

Turkish government companies for research and development in military technologies include Turkish Aerospace Industries, ASELSAN, HAVELSAN, ROKETSAN, MKE, among others. Turkish Satellite Assembly, Integration and Test Center is a spacecraft production and testing facility owned by the Ministry of National Defence and operated by the Turkish Aerospace Industries. The Turkish Space Launch System is a project to develop the satellite launch capability of Turkey. It consists of the construction of a spaceport, the development of satellite launch vehicles as well as the establishment of remote earth stations.

Construction and contracting sector

Main article: Turkish construction and contracting industry

The Turkish construction and contracting industry is made up of a large number of businesses. In 2016 a total of 39 Turkish construction and contracting companies were listed in the Top 250 International Contractors List prepared by the Engineering News-Record. From the beginning of the 1970s to the end of 2022, Turkish contractors have completed more than 11,605 projects in 133 countries. Their business volume abroad has reached 472 billion US Dollars in 2022.

As Turkey is prone to strong earthquakes, the buildings that were constructed before the post-1999 safety standards and regulations remain a major concern, with many ongoing urban redevelopment and reconstruction projects, especially in large cities. In 2019, an amnesty plan to register illegally constructed buildings for generating extra tax revenues to the government brought in $3.1 billion, but the plan was criticized for ignoring safety issues. The two major earthquakes on February 6, 2023, in southern Turkey have revealed that some of the recently built structures that collapsed were not constructed in accordance with the latest safety regulations.

Service sector

Banking and finance

Main article: Banking in Turkey

During the 19th and early 20th centuries, Bankalar Caddesi (Banks Street) in Istanbul was the financial center of the Ottoman Empire, where the headquarters of the Ottoman Bank (established as the Bank-ı Osmanî in 1856, and later reorganized as the Bank-ı Osmanî-i Şahane in 1863) and the Ottoman Stock Exchange (1866) were located. Bankalar Caddesi continued to be Istanbul's main financial district until the 1990s, when most Turkish banks began moving their headquarters to the modern central business districts of Levent and Maslak.

Originally established as the Ottoman Stock Exchange (Dersaadet Tahvilat Borsası) in 1866, and reorganized to its current structure at the beginning of 1986, the Istanbul Stock Exchange (ISE) is the sole securities market of Turkey. In 1995, the Istanbul Stock Exchange moved to its current building in the Istinye quarter. The Istanbul Gold Exchange was also established in 1995.

The Central Bank of the Republic of Turkey (Türkiye Cumhuriyet Merkez Bankası) was founded in 1930 as a privileged joint-stock company. The CBRT possesses the sole right to issue notes. It also has the obligation to provide for the monetary requirements of the state agricultural and commercial enterprises.

The "New Turkish lira" (TRY) was introduced on 1 January 2005. On 1 January 2009, the New Turkish lira was renamed once again as the "Turkish lira", with the introduction of new banknotes and coins.

Banking came under stress beginning in October 2008, as a result of the 2008 financial crisis. Turkish banking authorities warned state-run banks against the pullback of loans from the larger financial sectors.

Turkey's economy resumed its growth between 2009 and 2013, which was followed by a period of stagnation and recession between 2014 and 2020. Turkey's GDP began to recover and grow again in the period between 2020 and 2024.

In 2020, the total value of assets of the banking sector in Turkey amounted to more than $800 billion. As of January 2021, there were a total of 48 banks operating with 9,880 branches in Turkey and 71 branches abroad. , the foreign currency deposits of the citizens and residents in Turkish banks stood at $234 billion, equivalent to around half of all deposits. , the foreign currency reserves of the Turkish Central Bank were $85 billion, its gold reserves were $67.4 billion, while its official reserve assets stood at $159.8 billion.

Transport

Main article: Transport in Turkey

In 2013 there were ninety-eight airports in Turkey, including 22 international airports. , Istanbul Atatürk Airport is the 11th busiest airport in the world, serving 31,833,324 passengers between January and July 2014, according to Airports Council International. The new (third) international airport of Istanbul is planned to be the largest airport in the world, with a capacity to serve 150 million passengers per annum.

The state-owned utility Turkish State Railways operates the 12,740–km railway network, 23rd longest in the world. Since 2003, Turkish State Railways has also been investing in high-speed rail lines, which at 2,175 km (1,353 mi) ranked ninth longest in the world.

As of 2010, the country had a roadway network of 426,951 km, including 2,080 km of expressways and 16,784 km of divided highways.

As of 2010, the Turkish merchant marine included 1,199 ships (604 registered at home), ranking 7th in the world. Turkey's coastline has 1,200 km of navigable waterways.

In 2008, 7555 km of natural gas pipelines and 3636 km of petroleum pipelines spanned the country's territory.

Communications

Main article: Communications in Turkey

As of 2008, there were 17,502,000 operational landline telephones in Turkey, which ranked 18th in the world; while there were 65,824,000 registered mobile phones in the country, which ranked 15th in the world during the same year. The largest landline telephone operator is Türk Telekom, which also owns TTNET, the largest internet service provider in Turkey. The largest mobile phone operators in the country are Turkcell, Vodafone Turkey, Avea and TTNET Mobil.

The telecommunications liberalisation process started in 2004 after the creation of the Telecommunication Authority, and is still ongoing. Private sector companies operate in mobile telephony, long-distance telephony and Internet access. Additional digital exchanges are permitting a rapid increase in subscribers; the construction of a network of technologically advanced intercity trunk lines, using both fiber-optic cable and digital microwave radio relay, is facilitating communication between urban centres.

The remote areas of the country are reached by a domestic satellite system, while the number of subscribers to mobile-cellular telephone service is growing rapidly.

The main line international telephone service is provided by the SEA-ME-WE 3 submarine communications cable and by submarine fiber-optic cables in the Mediterranean Sea and Black Sea that link Turkey with Italy, Greece, Israel, Bulgaria, Romania, and Russia. In 2002, there were 12 Intelsat satellite earth stations; and 328 mobile satellite terminals in the Inmarsat and Eutelsat systems.

Türksat A.Ş. is the primary communications satellite operator of Turkey, controlling the Turksat series of satellites. Göktürk-1, Göktürk-2 and Göktürk-3 are Turkey's earth observation satellites for reconnaissance, operated by the Turkish Ministry of National Defense. BILSAT-1 and RASAT are the scientific observation satellites operated by the TÜBİTAK Space Technologies Research Institute, which (together with Turkish Aerospace Industries and Aselsan) also takes part in the production of Turkey's satellites.

As of 2001, there were 16 AM, 107 FM, and 6 shortwave radio stations in the country.

As of 2015, there were 42,275,017 internet users in Turkey, which ranked 15th in the world; while as of 2012, there were 7,093,000 internet hosts in the country, which ranked 16th in the world.

Tourism

Main article: Tourism in Turkey}}In 2023, Turkey was the [[World Tourism rankings

Over the years, Turkey has emerged as a popular tourist destination for many Europeans, competing with other Mediterranean countries such as Greece, Italy and Spain. Resorts in provinces such as Antalya and Muğla (which are located on the Turkish Riviera) have become very popular among tourists.

Medical tourism

Main article: Health care in Turkey

There are numerous private hospitals in Turkey, which has benefited from medical tourism in recent years. Health tourism generated revenues worth $1 billion in 2019 for Turkey's economy. A total of 662,087 patients were treated at Turkish hospitals in 2019 within the scope of health tourism, with around 60% of the income being obtained from plastic surgeries.

Largest companies

Main article: List of companies of Turkey

In 2024, ten publicly traded Turkish companies were listed in the Forbes Global 2000 list – an annual ranking of the top 2000 public companies in the world by Forbes magazine. The banking industry leads with four companies in the list followed by the airline, automotive and retailer with one company each. There are also three conglomerates. As of 2024, the listed public companies were:

Long-term GDP forecasts

Main article: List of countries by GDP (PPP), List of countries by past and projected GDP (PPP)

The following "OECD Long Term Projections" table was published in February 2022 for the 16 largest economies by GDP using PPP exchange rates from 2030 to 2060.

External trade and investment

As of 2016, the main trading partners of Turkey are the European Union, Russia, the United Kingdom, the UAE, Iraq, and China, many being top in both export as well as import. Turkey has taken advantage of a customs union with the EU, signed in 1995, to increase industrial production for exports, while benefiting from EU-origin foreign investment into the country. In addition to the European-Turkish Customs Union, the Turkish government has signed free-trade agreements with 22 countries.

A very large aspect of Turkey trade revolves around the automotive industry, where its top exports are cars, accounting for $13.2 billion. Other top exports from the country are gold, delivery trucks, vehicle parts and jewelry, which are respectively, $6.96 billion, $5.04 billion, $4.64 billion, and $3.39 billion. These values are calculated using the 1992 revision of the Harmonized System classification. Comparatively, it imports many of the same industries, such as, gold valued at $17.1 billion, refined petroleum at $9.8 billion, cars at $8.78 billion, vehicle parts at $6.34 billion and scrap iron at $5.84 billion.

The construction and contracting companies, such as Enka, Rönesans Holding and Tekfen, have been significant players in the country's economy. As the Turkish emissions trading system has not yet been legislated the country has no carbon price, so large exporters to the European Union will have to pay the EU Carbon Border Adjustment Mechanism from 1 January 2026.

Turkey had many improvements in the ease of doing business index. Its rank increased from 68th in 2017 to 33rd in 2020. As of 2021, it was performing better than countries like the Netherlands and Belgium.

Natural resources

Energy

Renewable energy

Fossil fuels

Right to Clean Air Platform estimate that the lack of a legal limit on fine particulate air pollution cost the economy 10% of GDP in 2024.

Gas

Oil

Coal

Minerals

In 2019, the country was the world's 2nd largest producer of chromium; the largest producer of boron; 6th largest producer of antimony; 9th largest producer of lead; 13th largest producer of iron ore; 11th largest producer of molybdenum; 4th largest producer of gypsum; 15th largest producer of graphite; in addition to being the 11th largest producer of salt.

As a gold producer Turkey is currently ranked 22nd globally. Hosting some of the largest gold deposits on the European continent it is currently Europe's largest gold producer, producing 42 tonnes of gold in 2020. World class deposits include Kisladag Mine 17Moz and Copler 10Moz.

Environment

Almost all "post-COVID" stimulus was detrimental to the environment, with Russia being the only worse country. In the 21st century, Turkey's fossil fuel subsidies are around 0.2% of GDP, including at least US$14 billion (US$169 per person) between January 2020 and September 2021. Data on finance for fossil fuels by state-owned banks and export credit agencies is not public. As of 2023 fossil gas is subsidized more than electricity - equalizing the subsidies would benefit the environment.

Employment

The minimum wage in Turkey is ₺ 28,075 (US$ 652.41) as of January 1, 2025.

TurkStat estimated unemployment at 9.4% in 2023. The province with the highest unemployment rate was Hakkari at 23.3% and the province with the lowest unemployment rate was Sinop at 4.8%.

In 2021, trade unions complained that according to TurkStat data the unemployment rate was falling, whereas the data provided by the government's Employment Agency (İŞKUR) showed that it was rising. Environmentalists argue that some actions to improve the environment would also benefit the economy. For example, investing in wind power in Turkey and solar power in Turkey would create jobs and is competitive with fossil fuels.

Poverty

Main article: Poverty in Turkey

Turkey made steady progress in reducing poverty from the early 2000s to the mid-2010s, after which the trend levelled off. In 2022, social security expenditure stood at 12.4% of GDP according to OECD data.

Regional disparities

According to Eurostat data, Turkish GDP per capita adjusted by purchasing power standards stood at 64 percent of the EU average in 2018. Istanbul has the largest GDP, while Kocaeli comes first in GDP per capita.

The country's wealth is mainly concentrated in the northwest and west, while the east and southeast suffer from poverty, lower economic production and higher levels of unemployment. However, in line with the rapid growth of Turkey's GDP during the first two decades of the 21st century (with brief periods of stagnation and recession), parts of Anatolia began reaching a higher economic standard. These cities are known as the Anatolian Tigers.

Richest and poorest NUTS-2 regions (GDP PPP 2022)

Source: Eurostat – ESA

Richest and poorest NUTS-1 regions (GDP PPP 2022)

Source: Eurostat – ESA

Notes

References

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