Gross domestic product (GDP) in Turkey 2024

Gross domestic product is the total value of all goods and services produced in a country in a year. It is considered an important indicator of the economic strength of a country. In 2018, GDP in Turkey amounted to around 771.27 billion U.S. dollars.

Gross domestic product as a reliable indicator

Gross domestic product, or GDP for short, not only shows the aforementioned value; by doing so it gives an idea of the state of a country’s economy and standard of living. The higher and more stable a country’s GDP, the better its economic situation. Since GDP is measured consistently worldwide, comparisons between countries are possible and quite reliable.

Turkey’s economy on the decline?

Turkey’s gross domestic product has been on a decline for the past years and is estimated to hit rock bottom in 2019, with a projected steep upturn afterwards. At the same time, inflation is set to peak at almost 17.5 percent the same year, and unemployment is on the rise. All in all, the figures do not look promising for Turkey, but at least estimations assume a quick recovery. However, this economic development is likely due to the political path the country has chosen in recent years, and it remains to be seen if the forecasts will prove true in the future or if Turkey’s economy needs to brace itself for a further downturn instead.

Turkey: Gross domestic product (GDP) in current prices from 1984 to 2024

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Source

Release date

October 2019

Region

Turkey

Survey time period

1984 to 2018

Supplementary notes

* Estimate.

The values have been rounded to provide a better understanding of the statistic.

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Statistics on "Economic Outlook Turkey"

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