Top reasons to invest in turkey
Ranking of Economies by GDP at PPP*
The Turkish economy, from 2003 to 2018, has posted record growth and climbed from 18th place to 13th globally.
Average Annual GDP Growth (%) – 2003-2018
Turkey has outpaced its peer economies, and the growth momentum is set to continue in the coming years
Real GDP Growth (Index: 2002=100)
Adhering to prudent fiscal discipline, Turkey has drastically diminished the public debt stock from above 70 percent in 2002 down to around 30 percent in 2018.
The positive effect of the fiscal discipline has been reflected as a noticeably diminished deficit in Turkey's budget balance during the past 16 years.
The soaring inflation rates and accompanying high volatility of previous decades have been reined in and kept under control since 2003.
Turkish Economy (GDP at current prices, USD billion)
Over the past 16 years, Turkey has put in a noteworthy performance by increasing the size of its overall economy from USD 236 billion in 2002 to USD 784 billion in 2018.
Contribution to GDP Growth (%) – 2003-2018
Turkey's economic growth over the past 16 years has been driven by a robust domestic market and an entrepreneurial private sector that combined have spurred investments and exports.
Employment Creation – 2008-2018
Turkey successfully generated approximately 7.5 million new jobs during the 2008-2018 period.
Exports of Goods in Turkey and the World
With an eye-catching 10 percent average annual growth in exports, Turkey has outpaced the world performance and increased its export volume from USD 36 billion to USD 168 billion over the past 16 years.
Turkey's Share in Global Exports of Goods
In line with its remarkable performance, Turkey's share in global exports has increased from less than 0.6 percent in 2002 to close to 0.9 percent in 2018.
Turkey's Exports by Destination
Turkey has grown its overall export volume from USD 36 billion in 2002 to USD 168 billion in 2018 and has achieved significant export diversification both in terms of export destinations and products.
Number of Export Products over USD 1 Billion
LARGE DOMESTIC AND REGIONAL MARKETS
Income per capita (GDP per capita, current prices)
Turkey's performance in economic development saw its income per capita increase from USD 3,581 in 2002 to USD 9,632 in 2018.
GDP per capita in Countries with Population over 50 Million – 2018
Turkey is the 11th largest economy in terms of GDP per capita among countries with population over 50 million.
Stock of Automobiles (millions of passenger cars)
Turkey's economic growth has paved the way for emergence of a sizeable middle-class with an increasing purchasing power. Urbanization
More than 23 urban centers, each with populations of over 1 million, support Turkey's thriving domestic market through their production of goods and services. In terms of population, Istanbul is the largest city in Europe.
Access to Markets
- 72 million broadband internet subscribers in 2018, up from 0.1 million in 2002 (ICTA, TurkStat)
- 80.6 million mobile phone subscribers in 2018, up from 23 million in 2002 (TurkStat)
- 66.3 million credit card users in 2018, up from 16 million in 2002 (Interbank Card Center)
- 211 million airline passengers in 2018, up from 33 million in 2002 (General Directorate of State Airports Authority)
- 45.6 million international tourist arrivals in 2018, up from 13 million in 2002 (TurkStat)
- Close proximity to major markets
- Same day reachability of key markets
- Global connectivity
- Hub for multinationals
The young and well-educated population of Turkey is a great asset as investors are facing considerable challenges elsewhere in Europe with ageing and shrinking populations.
Turkey offers excellent opportunities with its growing, young, and dynamic population – the driving force behind a strong labor pool and a lucrative domestic market.
Turkey’s population was registered as 82 million in 2018. It is expected to reach 86.9 million by 2023, and 100.3 million by 2040, according to the Turkish Statistical Institute (TurkStat). The population is projected to maintain its growth momentum until 2069, when it will peak at 107.6 million.
Population Projections – 2018-2080 (millions)
SKILLED AND COST-COMPETITIVE LABOR FORCE
Labor Force – 2018