This indicator set is prepared for users to give up-to-date information about

different areas of Turkish Economy.

This document is updated at the first day of every week.

Last update: April 14, 2025

TURKISH ECONOMY
CONTENTS

i. GROWTH

ii. LABOUR MARKET

iii. FOREIGN TRADE AND BALANCE OF PAYMENTS

iv. INFLATION

v. PUBLIC FINANCE

vi. FINANCIAL SECTOR

GROWTH
 Largest Economies of the World
(GDP in current prices, trillion dollar, 2023)

Switzerland
S.Arabia
Türkiye
Netherlands
Indonesia
Spain
Australia
Mexico
S.Korea
Russia
Canada
Brazil
Italy
France
UK
India
Japan
Germany
China
USA
0 5 10 15 20 25 30

Source: IMF, WEO October 2024 5

 Largest Economies of the World
(GDP in purchasing power parity, trillion dollar, 2023)
Poland
Australia
S. Arabia
Egypt
Canada
Spain
S.Korea
Mexico
Türkiye
Italy
UK
France
Indonesia
Brazil
Germany
Japan
Russia
India
USA
China
0 5 10 15 20 25 30 35 40

Source: IMF, WEO October 2024 6

 GDP Growth (period average, %)
6

5,3

5
4,8 4,8

3
1924-2024 2004-2024 2014-2024

Source: TURKSTAT, Ministry of Treasury and Finance Calculations 7

 GDP Per Capita (dollar)

17.000

15.463
15.000

13.000

11.000

9.000

7.000
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Source: TURKSTAT 8
 -16
0
8

-8
16
24

Source: TURKSTAT
2013 Q1

Q3

2014 Q1

Q3

2015 Q1

Q3

2016 Q1
GDP (annual % change)

Q3

2017 Q1

Q3

2018 Q1

Q3

2019 Q1

Q3

2020 Q1

Q3

2021 Q1

Q3

2022 Q1

Q3

2023 Q1

Q3

2024 Q1
3,0

Q3
9
 Contribution to GDP Growth in Terms of Expenditure (% point)
20

16

12

1,1
4
1,0
0,2
2,8
0
-1,8

-4

-8
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Private Consumption Public Consumption Total Investments Stock Change Net Exports

Source: TURKSTAT, Ministry of Treasury and Finance Calculations 10

 Contribution to GDP Growth in Terms of Production (% point)

12

10

4
0,9
2 1,6
0,4
0 0,1
0.2

-2
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Agriculture Industry* Construction Services** Tax-Subsidies

(*) Total of mining and quarrying, electricity, gas, steam and air-conditioning generation and distribution, water supply; sewerage, waste management and remediation activities.
(**) It is calculated by subtracting agriculture, industry, construction sectors and tax-subsidies from total GDP.

Source: TURKSTAT, Ministry of Treasury and Finance Calculations 11

 Production Indicators*

Industrial Production Index (2021=100) Capacity Utilization Rate of Manufacturing Industry (%)
116 80

107,8
75 75,2

96

70

76
65

56 60
Jan-18
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
Jan-21
Jul-21
Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
Jul-24
Jan-25

Jan-18
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
Jan-21
Jul-21
Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
Jul-24
Jan-25
(*) Seasonally adjusted.
Source: TURKSTAT, CBRT 12
 60
70
80
90
100
110
120
Jan-18

(*) Seasonally adjusted.

Source: CBRT, TURKSTAT
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
Jan-21
Real Sector

Jul-21
Confidence Indices*

Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
Jul-24
103,2

Jan-25
60
70
80
90
100

Jan-18
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
Jan-21
Jul-21
Consumer

Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
Jul-24
85,9

Jan-25
13
 GDP Growth Projections (%)
5,5

5,0
5,0

4,5
4,5

4,0
4,0

3,5

3,0
2025 2026 2027

Source: Medium Term Program (2025-27) 14

 GDP Per Capita Projections (dollar)

20.420
20.000
18.990

18.000
17.028

16.000

14.000

12.000
2025 2026 2027

Source: Medium Term Program (2025-27) 15

LABOUR MARKET
 Labor Market (million people)

80 15

66,2

60 56.0
10

40
35,2
26.9
5
20
2.4 2,9

0 0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025*

Population (15+) Labour Force Unemployment (rhs)

(*) Seasonally adjusted as of February 2025.

Source: TURKSTAT 17
 Employment (million people)

33
32,3

31

29

27

25

24.5

23
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025*

(*) Seasonally adjusted as of February 2025.

Source: TURKSTAT 18
 Sectoral Employment (million people)

20
18,9

16

12 12.5

8
6,7
5.1
4,8
4 5.0

1.8 2,2

0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Agriculture Industry Construction Services

Source: TURKSTAT 19
 Unemployment Rate (%)
14

12

10

8.9

8,2
8

6
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025*

(*) Seasonally adjusted as of February 2025.

Source: TURKSTAT 20
 Labour Market (%)
56

53,2

52

48,8
48.0
48

44 43.7

40
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025*

Employment Rate Labour Force Participation Rate

(*) Seasonally adjusted as of February 2025.

Source: TURKSTAT 21
 Informal Employment (%)

35 34.5

31

27 26,5

23 22.5

19
16,9
15
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Informal Employment Rate Informal Employment Rate (Non-Agriculture)

Source: TURKSTAT 22
 Unemployment Rate Projections (%)

10

9.6

9.2

9
8.8

8
2025 2026 2027

Source: Medium Term Program (2025-27) 23

 FOREIGN TRADE AND
BALANCE OF PAYMENTS
 Foreign Trade (billion dollar)

400

347

300
261 263

200
161

100 99
85

0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025*

Export Import Foreign Trade Deficit

(*) 12 month rolling as of February 2025
Source: TURKSTAT 25
 Export Import Coverage Ratio (%)

110

92
90

79
76

70

62

50
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025*

Export Import Coverage Ratio Export Import Coverage Ratio (Excluding Gold & Energy)
(*) 12 month rolling as of February 2025
Source: TURKSTAT, Ministry of Treasury and Finance Calculations 26
 Top Exported Goods (billion dollar)

11
125
14

100 16

17
75
21

50
25

25
32

0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025*
Vehicles Boilers and machineries
Ready-made garments Electrical machinery and equipment
Mineral fuels and oils Precious stones, metals, pearls and articles
Plastics and articles
(*) 12 month rolling as of February 2025
Source: TURKSTAT 27
 Export Performance (annual % change*)

6
5.3

4 3.7
3.4

2.8

2.1
2

0
World Euro Area Emerging and Developing Latin America and the Türkiye
Asia Caribbean
(*) 2014-23 period average.
Note: For Türkiye based on exports of goods data, for other regions based on volume of exports of goods and services data.
Source: TÜİK, IMF, Ministry of Treasury and Finance Calculations 28
 Türkiye's Share in the World Exports (%)
1,1
1,08

1,0

0,9

0,85

0,8
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024*

(*) 12 month rolling as of Q3 2024

Source: TURKSTAT, World Trade Organization (WTO) 29
 Imports (billion dollar)

400

19
300 50

55

200
66

100
157

0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025*

Intermediate Goods Excluding Energy and Gold Energy Consumption Goods Capital Goods Gold
(*) 12 month Rolling as of February 2025
Source: TURKSTAT 30
 Foreign Trade Projections (billion dollar)

450 418
391
369
350 320
296
280
250

150

50

-50

-89 -95 -98

-150
2025 2026 2027

Exports Imports Foreign Trade Balance

Source: Medium Term Program (2025-27) 31

 Tourism

70
61 62
60

50

40 39
40

30

20

10

0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Tourism Revenue (Billion Dollar) Number of Visitors (Million People)

(*) Prior to 2020, tourism revenues do not include transfer passenger revenues.
Source: TURKSTAT 32
 Türkiye's Share in Global Travel Revenues (%)

4,0
4

3,3

3 2,8

0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Source: CBRT, United Nations World Tourism Organization 33

 -80
-40
0
40
80
January-13

Source: CBRT, TURKSTAT

May-13
September-13
January-14
May-14
September-14
January-15
May-15
September-15
January-16

Current Account Balance

May-16
September-16
January-17
May-17
September-17
January-18
May-18
September-18
January-19
May-19
September-19
January-20
May-20
September-20
January-21
May-21
September-21
January-22
May-22
September-22
Current Account Balance (billion dollar, 12 month rolling)

January-23
Current Account Balance (Excluding Gold & Energy)

May-23
September-23
January-24
May-24
September-24
51,1

-12,8

January-25
34
 Current Account Balance/GDP (%)

10

4,0

2 1,1

-0,8
-2

-5,1

-6
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Current Account Balance/GDP Current Account Balance/GDP (Excluding Gold & Energy)

Source: CBRT, TURKSTAT 35

 Financing of Current Account Deficit (billion dollar)

80

60

40
24,8
20
15,2
4,8
0
-16,5
-20
-15,3

-40

-60
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025*

Net Foreign Direct Investment Net Portfolio Investment Net Other Investment Reserve Assets Net Errors & Omissions
Note: (+) sign in Reserve Assets indicates decrease in reserves and (-) sign indicates accumulation of reserves.

(*) 12 month rolling as of February 2025

Source: CBRT 36
 Foreign Direct Investment (billion dollar, inflow)

20

4,2

15

3,0 3,9
4,3 2,5
6,3
10 5,6 2,8
5,9
4,6 3,6
15,1
5,0
10,5 4,0
5 9,9 9,7
9,0 8,4
7,0 7,5 7,1
6,5 6,5
4,5
3,6
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025*

Other Real Estate

(*) 12 month rolling as of February 2025

Source: CBRT 37
 120
150
180

0
30
60
90

Source: CBRT
(*) As of April 4, 2025
Jan-13
Jun-13
Nov-13
Apr-14
Sep-14
Feb-15
Jul-15
Dec-15
May-16
Oct-16
Mar-17
Aug-17

FX
Jan-18
Jun-18
Nov-18
Apr-19
Sep-19
Gold

Feb-20
Jul-20
Dec-20
May-21
Oct-21
Mar-22
Aug-22
Jan-23
Central Bank’s Gross International Reserves (billion dollar)

Jun-23
Nov-23
Apr-24
*154.3 billion dollar

Sep-24
Feb-25
38
 Current Account Deficit Projections (billion dollar)

30

28,6

28

26 25,6

24

22,6

22

20
2025 2026 2027

Source: Medium Term Program (2025-27) 39

 Current Account Deficit/GDP Projections (%)

2,5

2,0
2,0

1,6

1,5

1,3

1,0
2025 2026 2027

Source: Medium Term Program (2025-27) 40

INFLATION
 Consumer Inflation (annual, %)

90

75

60

45
38.1
37,4
30

15

0
Apr-20
Jan-18
Apr-18

Oct-18
Jan-19
Apr-19

Oct-19
Jan-20

Oct-20
Jan-21
Apr-21

Oct-21
Jan-22
Apr-22

Oct-22
Jan-23
Apr-23

Oct-23
Jan-24
Apr-24

Oct-24
Jan-25
Jul-18

Jul-19

Jul-20

Jul-21

Jul-22

Jul-23

Jul-24
CPI C Index*
(*) CPI excluding energy, food and non-alcoholic beverages, alcoholic beverages, tobacco and gold
Source: TURKSTAT 42
 -20
100
130
160

10
40
70

Source: TURKSTAT
Jan-18
Apr-18
Jul-18
Oct-18

Energy
Jan-19
Apr-19
Jul-19
Oct-19
Jan-20
Apr-20
Jul-20
Oct-20
Consumer Inflation (annual, %)

Jan-21
Apr-21
Jul-21
Food and Non-Alcoholic Beverages
Oct-21
Jan-22
Apr-22
Jul-22
Oct-22
Jan-23
Core Goods

Apr-23
Jul-23
Oct-23
Jan-24
Service

Apr-24
Jul-24
Oct-24
Jan-25
37,1
19,4
42,0
56,3

43
 120
160

0
40
80

Source: TURKSTAT
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Apr-22
Jul-22
Domestic Producer Price Inflation (annual, %)

Oct-22
Jan-23
Apr-23
Jul-23
Oct-23
Jan-24
Apr-24
Jul-24
Oct-24
Jan-25
23,5

44
 0
10
20
30
40
50

Source: CBRT
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
Jan-20

12 Months Ahead
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Apr-22
Jul-22
Consumer Inflation Expectations (annual, %)

Oct-22
Jan-23
24 Months Ahead

Apr-23
Jul-23
Oct-23
Jan-24
Apr-24
Jul-24
Oct-24
Jan-25
17,7
25,6

Apr-25
45
 Consumer Inflation Projections (%)

20

17,5

10 9,7

7,0

0
2025 2026 2027

Source: Medium Term Program (2025-27) 46

PUBLIC FINANCE
 Central Government Budget Balance/GDP (%)

-1
-1,0

-2

-3

-4

-5 -4,9

-6
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Source: Ministry of Treasury and Finance 48

 Central Government Primary Balance/GDP (%)

2 1,7

-1

-2
-1,9

-3
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Source: Ministry of Treasury and Finance 49

 Central Government Budget Balance/GDP Projections (%)

-2

-2,5
-2,8
-3,1

-4
2025 2026 2027

Source: Medium Term Program (2025-27) 50

 Central Government Primary Balance/GDP Projections (%)

1,0

0,6

0,5

0,3

0,0
0,0
2025 2026 2027

Source: Medium Term Program (2025-27) 51

 EU-Defined General Government Debt Stock/GDP (%)
70

Maastricht Criterion
60

50

40

30,9
30

24,7

20
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Source: Ministry of Treasury and Finance, TURKSTAT 52

 EU-Defined General Government Debt Stock/GDP Projections (%)

28

26
25,3
25,1
24,8

24

22

20
2025 2026 2027

Source: Medium Term Program (2025-27) 53

 Composition of Central Government Debt Stock (%)

100
100

31,6
80
80

54,7
60 60

40 40

68,4

45,3
20 20

0 0
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025-2

2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025-2
Fixed Floating
TL Denominated Foreign Currency Denominated

Source: Ministry of Treasury and Finance 54

 External Debt Stock of Türkiye/GDP (%)

60

50

40 42,0
39,0

30

24,2
20
19,7

10
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Gross External Debt Net External Debt

Source: Ministry of Treasury and Finance, TURKSTAT 55

FINANCIAL SECTOR
 12
14
16
18
20

15,3
2013

Source: BRSA, IMF-FSI

2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
16,8

2024-2
17,7

2025-2
0
5
10
15
20
25
30
35
40

Argentina
Banking Sector: Capital Adequacy Ratio (%)

Indonesia
Romania
Czechia
Poland
Thailand
Mexico
Hungary
Colombia
UAE
17,7

Malaysia
Türkiye
Brazil
S. Korea
India
China
57

Russia
 0
2
4
6

2,7
2013

Source: BRSA, IMF-FSI

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023
1,5

2024
1,9

2024-2

2025-2
0
2
4
6

UAE
Russia
Colombia
India
Banking Sector: Non Performing Loan Ratio (%)

Hungary
Thailand
Brazil
Romania
Poland
Indonesia
1,9

Mexico
Türkiye
Argentina
Malaysia
China
Czechia
58

S. Korea
 Banking Sector Indicators

Return on Equity (%) Net FX position (billion dollar)

50 5

39,9
40
3
2,3
30,6
30
1
20
14,2
-1 -0,6
10

0 -3
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2024-2
2025-2

2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025*
(*) As of 4 April, 2025
Source: BRSA 59
 Indebtedness (Debt/GDP*, %)

Japan 224 187 116 66

Canada 94 154 118 101
UK 85 158 63 77
Belgium 106 74 123 57
Euro Area 92 110 105 52
USA 120 70 74 71
China 92 42 138 60
World 98 78 91 60
Greece 181 16 55 38
Italy 138 43 58 36
EM 72 35 92 46
Hungary 72 84 72 17
Chile 36 53 94 45
Brazil 87 49 54 34
Czechia 41 33 54 31
TÜRKİYE 27 16 40 10
0 100 200 300 400 500 600

General Government Financial Corporations Non-Financial Corporations Households

EM: Emerging Markets
(*) As of 2024 Q4
Source: IIF 60
This indicator set is prepared for users to give up-to-date information about
different areas of Turkish Economy.

This document is updated at the first day of every week.

Last update: April 14, 2025