ARCHIVE // TR // TIME-SERIES
Economic overview
Turkiye — 36 years of data
Historical Values
| Year | Value |
|---|---|
| 1990 | The economic reforms that Turkey launched in 1980 continue to bring an impressive stream of benefits. The economy has grown steadily since the early 1980s, with real growth in per capita GDP increasing more than 6% annually. Agriculture remains the most important economic sector, employing about 60% of the labor force, accounting for almost 20% of GDP, and contributing about 25% to exports. Impressive growth in recent years has not solved all of the economic problems facing Turkey. Inflation and |
| 1991 | The economic reforms that Turkey launched in 1980 continue to bring an impressive stream of benefits. The economy has grown steadily since the early 1980s, with real growth in per capita GDP increasing more than 6% annually. Agriculture remains the most important economic sector, employing about 55% of the labor force, accounting for almost 20% of GDP, and contributing about 20% to exports. Impressive growth in recent years has not solved all of the economic problems facing Turkey. Inflation and |
| 1992 | The impressive stream of benefits from the economic reforms that Turkey launched in 1980 have begun to peter out. Although real growth in per capita GDP averaged 5% annually between 1983 and 1988, recent economic performance has fallen substantially. Moreover, inflation and interest rates remain high, and a large budget deficit will continue to provide difficulties for a country undergoing a substantial transformation from a centrally controlled to a free market economy. Agriculture remains an i |
| 1993 | After an impressive economic performance through most of the 1980s, Turkey has experienced erratic rates of economic growth since 1988 - ranging from a high of 9.2% in 1990 to a low of 0.9% in 1991. Strong consumer demand and increased public investment led the way to a strong 5.9% growth in 1992. Chronic high inflation is Turkey's most serious economic problem, leading to high interest rates and the rapid depreciation of the Turkish lira. The huge public sector deficit - about 12% of GDP - and |
| 1994 | In early 1994, after an impressive economic performance through most of the 1980s, Turkey faces its most damaging economic crisis in the last 15 years. Sparked by the downgrading in mid-January of Turkey's international credit rating by two US credit rating agencies, the crisis stems from two years of loose fiscal and monetary policies that have exacerbated inflation and allowed the public debt, money supply, and current account deficit to explode. Under Prime Minister CILLER, Ankara has followe |
| 1995 | In early 1995, after an impressive economic performance through most of the 1980s, Turkey continues to suffer through its most damaging economic crisis in the last 15 years. Sparked by the downgrading in January 1994 of Turkey's international credit rating by two US credit rating agencies, the crisis stems from years of loose fiscal and monetary policies that had exacerbated inflation and allowed the public debt, money supply, and current account deficit to explode. In April 1994, Prime Minister |
| 1996 | The Turkish economy consists of a mixture, on the one hand, of modern industry and commerce, and, on the other hand, of time-honored village agriculture and crafts. Since World War II, it has become increasingly integrated into the West European economic arena, for example, as a member of OECD. The economy has improved significantly since the 1994 crisis, when the economy experienced a sharp drop and inflation hit triple digits. The crisis - sparked by the downgrading in January 1994 of Turkey's |
| 1997 | Turkey's dynamic economy is a complex mix of modern industry and commerce along with traditional village agriculture and crafts. The economy has a strong and rapidly growing private sector, yet the state still plays a major role in basic industry, banking, transport, and communication. The current economic situation is marked by strong growth coupled with worsening imbalances. Real GDP expanded by about 7% in 1996 but inflation rose to 80%, the current account deficit reached about 3% of GDP, an |
| 1998 | Turkey's dynamic economy is a complex mix of modern industry and commerce along with traditional village agriculture and crafts. It has a strong and rapidly growing private sector, yet the state still plays a major role in basic industry, banking, transport, and communication. Its most important industry-and the largest source of exports-is textiles and clothing, which is almost entirely in private hands. The current economic situation is marked by strong growth coupled with serious imbalances. |
| 1999 | Turkey has a dynamic economy that is a complex mix of modern industry and commerce along with traditional village agriculture and crafts. It has a strong and rapidly growing private sector, yet the state still plays a major role in basic industry, banking, transport, and communication. Its most important industry--and largest exporter--is textiles and clothing, which is almost entirely in private hands. The economic situation in recent years has been marked by rapid growth coupled with partial s |
| 2000 | Turkey has a dynamic economy that is a complex mix of modern industry and commerce along with traditional village agriculture and crafts. It has a strong and rapidly growing private sector, yet the state still plays a major role in basic industry, banking, transport, and communication. Its most important industry - and largest exporter - is textiles and clothing, which is almost entirely in private hands. The economic situation in recent years has been marked by erratic economic growth and serio |
| 2001 | Turkey's dynamic economy is a complex mix of modern industry and commerce along with traditional agriculture that still accounts for nearly 40% of employment. It has a strong and rapidly growing private sector, yet the state still plays a major role in basic industry, banking, transport, and communication. The most important industry - and largest exporter - is textiles and clothing, which is almost entirely in private hands. In recent years the economic situation has been marked by erratic econ |
| 2002 | Turkey's dynamic economy is a complex mix of modern industry and commerce along with a traditional agriculture sector that in 2001 still accounted for 40% of employment. It has a strong and rapidly growing private sector, yet the state still plays a major role in basic industry, banking, transport, and communication. The most important industry - and largest export - is textiles and clothing, which is almost entirely in private hands. In recent years the economic situation has been marked by err |
| 2003 | Turkey's dynamic economy is a complex mix of modern industry and commerce along with a traditional agriculture sector that in 2001 still accounted for 40% of employment. It has a strong and rapidly growing private sector, yet the state still plays a major role in basic industry, banking, transport, and communication. The most important industry - and largest exporter - is textiles and clothing, which is almost entirely in private hands. In recent years the economic situation has been marked by e |
| 2004 | Turkey's dynamic economy is a complex mix of modern industry and commerce along with a traditional agriculture sector that in 2001 still accounted for 40% of employment. It has a strong and rapidly growing private sector, yet the state still plays a major role in basic industry, banking, transport, and communication. The largest industrial sector is textiles and clothing, which accounts for one-third of industrial employment; it faces stiff competition in international markets with the end of th |
| 2005 | Turkey's dynamic economy is a complex mix of modern industry and commerce along with a traditional agriculture sector that in 2004 still accounted for more than 35% of employment. It has a strong and rapidly growing private sector, yet the state still plays a major role in basic industry, banking, transport, and communication. The largest industrial sector is textiles and clothing, which accounts for one-third of industrial employment; it faces stiff competition in international markets with the |
| 2006 | Turkey's dynamic economy is a complex mix of modern industry and commerce along with a traditional agriculture sector that still accounts for more than 35% of employment. It has a strong and rapidly growing private sector, yet the state still plays a major role in basic industry, banking, transport, and communication. The largest industrial sector is textiles and clothing, which accounts for one-third of industrial employment; it faces stiff competition in international markets with the end of t |
| 2007 | Turkey's dynamic economy is a complex mix of modern industry and commerce along with a traditional agriculture sector that still accounts for more than 35% of employment. It has a strong and rapidly growing private sector, yet the state still plays a major role in basic industry, banking, transport, and communication. The largest industrial sector is textiles and clothing, which accounts for one-third of industrial employment; it faces stiff competition in international markets with the end of t |
| 2008 | Turkey's dynamic economy is a complex mix of modern industry and commerce along with a traditional agriculture sector that still accounts for more than 35% of employment. It has a strong and rapidly growing private sector, yet the state still plays a major role in basic industry, banking, transport, and communication. The largest industrial sector is textiles and clothing, which accounts for one-third of industrial employment; it faces stiff competition in international markets with the end of t |
| 2009 | Turkey's dynamic economy is a complex mix of modern industry and commerce along with a traditional agriculture sector that still accounts for about 30% of employment. It has a strong and rapidly growing private sector, yet the state remains a major participant in basic industry, banking, transport, and communication. The largest industrial sector is textiles and clothing, which accounts for one-third of industrial employment; it faces stiff competition in international markets with the end of th |
| 2010 | Turkey's economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 30% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding a dynamism to the economy. Turkey's traditional textiles and clothing clothing sectors still account for one-third of industrial employment, despite |
| 2011 | Turkey's economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 30% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy. Turkey's traditional textiles and clothing sectors still account for one-third of industrial employment, despite stiff compe |
| 2012 | Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, constructi |
| 2013 | Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, constructi |
| 2014 | Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, constructi |
| 2015 | Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication, and an emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, constructi |
| 2016 | Turkey's largely free-market economy is increasingly driven by its industry and service sectors, although its traditional agriculture sector still accounts for about 25% of employment. An aggressive privatization program has reduced state involvement in basic industry, banking, transport, and communication. An emerging cadre of middle-class entrepreneurs is adding dynamism to the economy and expanding production beyond the traditional textiles and clothing sectors. The automotive, petrochemical, |
| 2017 | Turkey's largely free-market economy is driven by its industry and, increasingly, service sectors, although its traditional agriculture sector still accounts for about 25% of employment. The automotive, petrochemical, and electronics industries have risen in importance and surpassed the traditional textiles and clothing sectors within Turkey's export mix. However, the recent period of political stability and economic dynamism has given way to domestic uncertainty and security concerns, which are |
| 2018 | Turkey's largely free-market economy is driven by its industry and, increasingly, service sectors, although its traditional agriculture sector still accounts for about 25% of employment. The automotive, petrochemical, and electronics industries have risen in importance and surpassed the traditional textiles and clothing sectors within Turkey's export mix. However, the recent period of political stability and economic dynamism has given way to domestic uncertainty and security concerns, which are |
| 2019 | Turkey's largely free-market economy is driven by its industry and, increasingly, service sectors, although its traditional agriculture sector still accounts for about 25% of employment. The automotive, petrochemical, and electronics industries have risen in importance and surpassed the traditional textiles and clothing sectors within Turkey's export mix. However, the recent period of political stability and economic dynamism has given way to domestic uncertainty and security concerns, which are |
| 2020 | Turkey's largely free-market economy is driven by its industry and, increasingly, service sectors, although its traditional agriculture sector still accounts for about 25% of employment. The automotive, petrochemical, and electronics industries have risen in importance and surpassed the traditional textiles and clothing sectors within Turkey's export mix. However, the recent period of political stability and economic dynamism has given way to domestic uncertainty and security concerns, which are |
| 2021 | Turkey's largely free-market economy is driven by its industry and, increasingly, service sectors, although its traditional agriculture sector still accounts for about 25% of employment. The automotive, petrochemical, and electronics industries have risen in importance and surpassed the traditional textiles and clothing sectors within Turkey's export mix. However, the recent period of political stability and economic dynamism has given way to domestic uncertainty and security concerns, which are |
| 2022 | Turkey's largely free-market economy is driven by its industry and, increasingly, service sectors, although its traditional agriculture sector still accounts for about 25% of employment. The automotive, petrochemical, and electronics industries have risen in importance and surpassed the traditional textiles and clothing sectors within Turkey's export mix. However, the recent period of political stability and economic dynamism has given way to domestic uncertainty and security concerns, which are |
| 2023 | upper middle-income, diversified Middle Eastern economy; economic instability from 2016 attempted coup and 2018 currency recession; hit hard by COVID-19, increasing poverty and unemployment; endemic corruption; large agriculture labor force |
| 2024 | upper middle-income, diversified Middle Eastern economy; heightened inflation and currency depreciation triggered by expansionary monetary and fiscal policy ahead of 2023 elections, now being reversed; industrializing economy that maintains large agricultural base |
| 2025 | upper-middle-income, diversified Middle Eastern economy; industrializing economy that maintains large agricultural base; key energy, tourism, and construction sectors; high inflation, interest rates, and foreign debt pose risk to financial stability |