This statistic shows Turkey’s average inflation rate from 1987 to 2023 and includes a forecast until 2029. The average inflation rate in Turkey in 2023 was approximately 53.86% compared to the previous year.
turkish economy
The Turkish economy is one of the world’s largest economies, with continuously growing gross domestic product/GDP and an increasing share of world GDP adjusted at purchasing power parity. It is estimated that by 2030, Turkey will be one of the countries with the highest gross domestic product in the world.
The value of imports and exports of products is increasing as well, but Turkey’s trade balance has been in the negative range for several years and is on the decline, which is due to a serious trade deficit, i.e. the difference between exports and exports. It shows an imbalance. import cost. The value of the goods that Turkey imports is much higher than the value of the goods that it exports.
Turkey’s main export destinations for textiles, automotive products, and steel are mainly European countries, with Germany leading the way, followed by Iraq, the United Kingdom, Italy, and France. The most important economic sector for Turkey is the services sector, especially the tourism sector, which has experienced significant growth over the past decade. Therefore, Turkey has now become one of the most popular destinations for visitors from all countries.
Looking at Turkey’s gross domestic product/GDP growth rate, we see that the country experienced a temporary slump during the 2008 economic crisis, but quickly recovered and returned to surplus by 2010. Türkiye’s employment statistics were largely unaffected and recovered quickly. And now it’s back to pre-crisis levels.
