Turkey is one of the most important industrial and emerging countries (G20), and one of the so-called “Next Eleven” – the most important emerging countries after the four BRIC states Brazil, Russia, India and China. It is ranked 17th among the countries with the largest gross domestic product (GDP) with its own GDP amounting to approximately 863 billion U.S. dollars in 2016. In 2016, economic growth in Turkey declined to about 3.18 percent after having soared to 8.49 percent in 2013. Economic growth is estimated to increase again, however, and level off at about 3.5 percent again over the next few years.
Turkey’s GDP per capita was at approximately 10,817 U.S. dollars in 2016, and is expected to rise through 2022. The unemployment rate slumped to 8.1 percent in 2012 – however, it increased again and is estimated to stay above the 10 percent mark for the next few years. Turkey’s inflation rate has been mostly characterized by ups and downs, fluctuating roughly between 6 and 11 percent over the last few years. It is currently at a decade-high but expected to decrease for good by the end of the decade and settle at approximately 7.5 percent .
In 2016, Turkey exported goods worth about 142 billion U.S. dollars and imported goods worth approximately 198 billion U.S. dollars. Thus, it is not one of the main export countries but became one of the main import countries worldwide in the last years.
Turkey’s main trade partners are Germany, the UK, and Iraq for export and Russia, Germany, and China regarding import. Its national debt is rather low at an estimated 28 percent of GDP as of 2017, while the state deficit amounted to approximately 3.21 percent of GDP the same year.