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 2023, GDP in Turkey amounted to around 1,108.45 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 1987 to 2029
(in billion U.S. dollars)
Characteristic
GDP in billion U.S. dollars
2029*
1,286.12
2028*
1,241.71
2027*
1,197.31
2026*
1,153.49
2025*
1,106.92
2024*
1,113.56
2023
1,108.45
2022
905.84
2021
818.34
2020
720.16
2019
760.52
2018
780.19
2017
858.93
2016
869.28
2015
864.07
2014
938.51
2013
957.5
2012
880.14
2011
838.51
2010
776.59
2009
648.8
2008
770.82
2007
680.49
2006
555.13
2005
506.19
2004
409.13
2003
314.75
2002
240.19
2001
202.25
2000
274.32
1999
256.57
1998
275.83
1997
261.86
1996
250.49
1995
233.57
1994
179.36
1993
248.57
1992
219.18
1991
208.4
1990
207.51
1989
147.73
1988
125.03
1987
118.93
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IMF. (April 22, 2024). Turkey: Gross domestic product (GDP) in current prices from 1987 to 2029 (in billion U.S. dollars) [Graph]. In Statista. Retrieved October 15, 2024, from https://www.statista.com/statistics/263757/gross-domestic-product-gdp-in-turkey/
IMF. "Turkey: Gross domestic product (GDP) in current prices from 1987 to 2029 (in billion U.S. dollars)." Chart. April 22, 2024. Statista. Accessed October 15, 2024. https://www.statista.com/statistics/263757/gross-domestic-product-gdp-in-turkey/
IMF. (2024). Turkey: Gross domestic product (GDP) in current prices from 1987 to 2029 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: October 15, 2024. https://www.statista.com/statistics/263757/gross-domestic-product-gdp-in-turkey/
IMF. "Turkey: Gross Domestic Product (Gdp) in Current Prices from 1987 to 2029 (in Billion U.S. Dollars)." Statista, Statista Inc., 22 Apr 2024, https://www.statista.com/statistics/263757/gross-domestic-product-gdp-in-turkey/
IMF, Turkey: Gross domestic product (GDP) in current prices from 1987 to 2029 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/263757/gross-domestic-product-gdp-in-turkey/ (last visited October 15, 2024)
Turkey: Gross domestic product (GDP) in current prices from 1987 to 2029 (in billion U.S. dollars) [Graph], IMF, April 22, 2024. [Online]. Available: https://www.statista.com/statistics/263757/gross-domestic-product-gdp-in-turkey/