Inflation rate in Turkey 2024

The statistic shows the average inflation rate in Turkey from 1984 to 2018, with projections up until 2024. In 2018, the average inflation rate in Turkey was at around 16.33 percent compared to the previous year.

Turkey’s economy

With a continuously growing gross domestic product /GDP and thus a rising share in the global GDP adjusted for Purchasing Power Parity, Turkey’s economy is one of the largest worldwide. By 2030, Turkey is estimated to be one of the countries with the highest gross domestic product worldwide.

Import of goods figures and export figures are rising as well, however, the trade balance of Turkey has been in the negative range for several years now with a downwards trend which indicates a serious trade deficit – or in other words: an imbalance between export and import costs; the value of goods Turkey imports is a lot higher than the value of exported goods.

Main export partners of Turkey for textiles, automotive goods, iron and steel, among other goods, are mostly European countries, with Germany leading the ranking, followed by Iraq, Great Britain, Italy and France. The most important economic sector for Turkey is the services sector, especially the tourism sector, which has experienced a significant boost over the last decade. Thus, Turkey is now among the most popular destinations for visitors of all nations.

A look at gross domestic product /GDP growth in Turkey shows that the country suffered a brief setback during the economic crisis of 2008, but swiftly recovered and was back in the black by 2010. Turkey’s employment figures hardly suffered at all, they too recovered quickly and are now back to pre-crisis levels.

Turkey: Inflation rate from 1984 to 2024

Inflation rate compared to previous year
2024*11%
2023*11%
2022*11.42%
2021*12.42%
2020*12.6%
2019*15.68%
201816.33%
201711.14%
20167.78%
20157.67%
20148.86%
20137.49%
2012 8.89%
2011 6.47%
2010 8.57%
2009 6.25%
2008 10.44%
2007 8.76%
2006 9.6%
2005 8.18%
2004 8.6%
200325.34%
2002 45.13%
2001 54.25%
2000 55.04%
1999 64.87%
1998 84.72%
1997 85.65%
1996 80.24%
1995 89.57%
1994 104.54%
1993 66.1%
1992 70.07%
1991 65.97%
1990 60.32%
1989 63.27%
1988 73.67%
1987 38.85%
1986 34.62%
1985 44.51%
1984 48.38%
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Source

Release date

October 2019

Region

Turkey

Survey time period

1984 to 2018

Supplementary notes

* Estimate.

The figures have been rounded.

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Statistics on "Turkey"

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