BUSINESS The Performance of the Turkish Economy

2018

*The Turkish economy grew by 2.6% in 2018, compared with 7.4%, 3.2%, and 5.9% for 2017, 2016, and 2015 respectively.

*The Turkish lira devalued against the US Dollar by 38.9% in 2018.

*The average inflation rate for the year 2018 is 16.33%, and the annual inflation rate as of December 2018 is 20.30%. This compares with 11.13% and 11.92% for 2017 respectively.

*Total exports were USD 167.9 billion and total imports were USD 223 billion in 2018. The foreign trade deficit decreased by 28.2% to USD 55.1 billion in 2018, compared with 2017. Exports increased by 7% and imports decreased by 4.6%.

*The current account deficit for 2018 is USD 27.1 billion, 3.5% of Gross Domestic Product.

*Foreign direct investment (FDI) to Turkey in 2018 was US Dollar 13,163 million. The figures for 2017, 2016 and 2015 were US Dollar 11,546 million, US Dollar 13,950 million and US Dollar 19,274 million respectively.

*Income per head of population for 2018 was USD 9,632, compared with USD 10,597 for 2017.  

*Income from tourism in 2018 was USD 29.5 billion, up 12.3% on 2017.

*The annual unemployment rate for 2018 was 11%. The rate was 13.5% as of December 2018.

*The population of Turkey is 82 million and the rate of increase in population from 2017 is 1.48%.

 

2017

*The Turkish economy grew by 7.4% in 2017, compared with 3.2%, 5.9%, 5%, 4.2%, 2.1% and 8.8% for 2016, 2015, 2014, 2013, 2012 and 2011 respectively.

*The Turkish lira devalued against the US Dollar by 7.4% in 2017.

*The average inflation rate for the year 2017 is 11.13%, and the annual inflation rate as of December 2017 is 11.92%. This compares with 7.78% and 8.53% for 2016 respectively.

*Total exports were USD 157 billion and total imports were USD 233.8 billion in 2017. The foreign trade deficit increased by 36.9% to USD 76.8 billion in 2017, compared with 2016. Exports increased by 10.1% and imports increased by 17.7%.

*The current account deficit for 2017 is USD 47.2 billion, 5.5% of Gross Domestic Product.

*Foreign direct investment (FDI) to Turkey in 2017 was US Dollar 11,546 million. The figures for 2016, 2015 and 2014 were US Dollar 13,950 million, US Dollar 19,274 million and US Dollar 13,337 million respectively.

*Income per head of population for 2017 was USD 10,597, compared with USD 10,883 for 2016.  

*Income from tourism in 2017 was USD 26.3 billion, up 18.9% on 2016.

*The annual unemployment rate for 2017 was 10.9%. The rate was 10.4% as of December 2017.

*The population of Turkey is 80.8 million and the rate of increase in population from 2016 is 1.25 %.

 
 
2016
 
• The Turkish economy grew by 3.2 % in 2016, compared with 5.9%, 5%, 4.2%, 2.1% and 8.8% for 2015, 2014, 2013, 2012 and  2011 respectively. The method for calculating GNP changed in 2016 such that the growth rate for this year and also for those of    2015 and 2014 have been revised. 

• The Turkish lira devalued against the US Dollar by 20.6% in 2016.

• The average inflation rate for the year 2016 is 7.78%, and the annual inflation rate as of December 2016 is 8.53%. This              compares with 7.67% and 8.81% for 2015 respectively.
 
• Total exports were USD 142.5 billion and total imports were USD 198.6 billion in 2016. The foreign trade deficit decreased by  11.8% to USD 56.1 billion in 2016, compared with 2015. Exports decreased by 0.8% and imports decreased by 4.2%.

• The current account deficit for 2016 is USD 33.1 billion, 3.8% of Gross Domestic Product.

•  Foreign direct investment (FDI) to Turkey in 2016 was US Dollar 13,950 million. The figures for 2015 and 2014 were US Dollar  19,274 million and US Dollar 13,337 million respectively.

• Income per head of population for 2016 was USD 10,883, compared with USD 11,019 for 2015.  

• Income from tourism in 2016 was USD 22.1 billion, down 29.7% on 2015.

• The annual unemployment rate for 2016 was 10.9%. The rate was 12.7% as of December 2016.

• The population of Turkey is 79.8 million and the annual rate of increase in population is 1.36 %.
 
 
2015
 
• The Turkish economy grew by 5.9% in 2015, compared with 5%, 4.2%, 2.1% and 8.8% for 2014, 2013, 2012 and 2011              respectively. The method for calculating GNP changed in 2016 such that the growth rate for this year and also for those of          2015 and 2014 have been revised. 
 
• The Turkish lira devalued against the US Dollar by 25.4 % in 2015.

• The average inflation rate for the year 2015 is 7.67%, and the annual inflation rate as of December 2015 is 8.81%. This              compares with 8.85% and 8.17% for 2014 respectively.
 
• Total exports were USD 143.8 billion in 2015, compared with USD 207.2 billion for imports. The foreign trade deficit decreased  by 28.2 % to USD 63.3 billion in 2015, compared with 2014. Exports decreased by 8.7 % and imports decreased by 14.4 %.

• The current account deficit for 2015 is USD 32.1 billion, 3.7% of Gross Domestic Product.

•  Foreign direct investment (FDI) to Turkey in 2015 was US Dollar 19,274 million. The figures for 2014 and 2013 were USD          13,337 million and USD 13,563 million respectively.

• Income per head of population for 2015 was USD 11,019, compared with USD 12,112 for 2014.

• Income from tourism in 2015 was USD 31.5 billion, down 8.2% on 2014.

• The annual unemployment rate for 2015 was 10.3%. The rate was 10.8 % as of December 2015.

• The population of Turkey is 78.7 million, of which 48.3 % is under 30 years of age. The annual rate of increase in population is     1.34 %.
 

2014

• The Turkish economy grew by 5% in 2014, compared with 4.2%, 2.1% and 8.8% for 2013, 2012 and 2011 respectively.
The method for calculating GNP changed in 2016 such that the growth rate for this year and also for those of 2015 and 2014
have been revised. 
 
• The Turkish lira devalued against the US Dollar by 9.2 % in 2014.

• The average inflation rate for the year 2014 is 8.85%, and the annual inflation rate as of December 2014 is 8.17%. This              compares with 7.49% and 7.40% for 2013 respectively. 
 
• Total exports were USD 157.6 billion in 2014, compared with USD 242.2 billion for imports. The foreign trade deficit decreased by 15.3 % to USD 84.6 billion in 2014, compared with 2013. Exports increased by 3.8 % and imports decreased by 3.8 %.

• The current account deficit for 2014 is USD 43.6 billion, 4.7% of Gross Domestic Product.

•  Foreign direct investment (FDI) to Turkey in 2014 was US Dollar 13,337 million. The figures for 2013 and 2012 were US Dollar  13,563 million and US Dollar 13,744 million respectively.

• Income per head of population for 2014 was USD 12,112, compared with USD 12,480 for 2013.

• Income from tourism in 2014 was USD 34.3 billion, up 6.2% on 2013.

• The annual unemployment rate for 2014 was 9.9 %. The rate was 10.9 % as of December 2014.

• The population of Turkey is 77.7 million, of which 48.8 % is under 30 years of age. The annual rate of increase in population is 1.33 %.
 

2013
 

• The Turkish Economy grew by 4,2% in 2013, compared with 2.1%, 8.8% and 9.2% for 2012, 2011 and 2010 respectively.
 
• The Turkish lira has devalued against the US Dollar by 19.5% in 2013.
 
• The average inflation rate for the year 2013 is 7.49%, and the annual inflation rate as of December 2013 is 7.40%. This              compares with 8.94% and 6.16% for 2012 respectively.

• Total exports were USD 151.9 billion in 2013, compared with USD 251.7 billion for imports. The foreign trade deficit Increased    by 18.7% to USD 98.8 billion in 2013, compared with 2012. Exports decreased by 0.4% and imports increased by 6.4%.

• The current account deficit for 2013 is USD 63.6 billion, 6.7% of Gross Domestic Product.

• Foreign direct investment (FDI) to Turkey in 2013 was US Dollar 13,563 million. The figures for 2012 and 2011 were US Dollar 13,744 million and US Dollar 16,182 million respectively.

• Income per head of population for 2013 was USD 12,480. 

• Income from tourism in 2013 was USD 32.3 billion, up 11.4% on 2012.

• The annual unemployment rate for 2013 was 9.0 %. The rate was 9.6 % as of December 2013.

• The population of Turkey is 76.7 million, of which half is under 30.4 years of age. The annual rate of increase in population is      1.37%.
 
 
Turkey’s net minimum wage has been raised 26.05% to TL 2,020 (USD 381) as of 01.01.2019       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s annual inflation rate falls to 15.72% in June 2019       Turkey’s unemployment rate falls further to 13% in April 2019       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 82,003,882 as of 2018 yearend       Number of foreigners visiting Turkey in 2018 increases by 21.8% to 39.5 million       Turkey’s private sector foreign debt is USD 225.8 billion as of 2018 yearend       Turkey’s economy contracted by 2.6% in the first quarter of 2019