Turkey is a founding member of the OECD and G20. The country's economy ranked as the 18th-largest in the world and 8th-largest in Europe by nominal GDP in 2023. It also ranked as the 11th-largest in the world and 5th-largest in Europe by PPP in 2023. According to the IMF, as of 2022, Turkey had an upper-middle income, mixed-market, emerging economy.Turkey has often been defined as a newly industrialized country since the turn of the 21st century.The country is the fourth most visited destination in the world, and has over 1,500 R&D centres established both by multinational and national firms.Turkey is among the world's leading producers of agricultural products, textiles, motor vehicles, transportation equipment, construction materials, consumer electronics, and home appliances. Over the past 20 years, there have been major developments in the financial and social aspects of Turkey's economy, such as increases in employment and average income since 2000.A period of strong economic growth between 2002 and 2013 was followed by a slowdown in growth in terms of USD-based nominal GDP figures between 2014 and 2020, especially during the 2018 Turkish currency and debt crisis, although the growth sustained in these years as well in terms of nominal GDP.Furthermore, there has been a steady recovery and a faster pace in growth in Turkey's GDP figures since 2021,which have reached their all-time highest values by the end of 2023. Growth-focused financial policies, such as the preference to keep interest rates as low as possible have led to high inflation in recent years.
Top Sectors in Turkey
Energy in Turkey
Turkey's energy trade deficit was over $US80 billion in 2022, causing a large foreign trade deficit. Europe supports energy efficiency and renewable energy via the €1 billion Mid-size Sustainable Energy Financing Facility (MidSEFF) to finance investments in these areas.Energy subsidies amounted to 200 billion lira in 2021. Up to 150kWh per month of free electricity is provided to two million poor families.
Renewables in Turkey
Renewables supply a quarter of energy in Turkey, including heat and electricity. Some houses have rooftop solar water heating, and hot water from underground warms many spas and greenhouses. In parts of the west hot rocks are shallow enough to generate electricity as well as heat. Wind turbines, also mainly near western cities and industry, generate a tenth of Turkey’s electricity. Hydropower, mostly from dams in the east, is the only modern renewable energy which is fully exploited. Hydropower averages about a fifth of the country's electricity, but much less in drought years. Apart from wind and hydro, other renewables; such as geothermal, solar and biogas; together generated almost a tenth of Turkey’s electricity in 2022. Türkiye has ranked 5th in Europe and 12th in the world in terms of installed capacity in renewable energy. The share of renewables in Türkiye’s installed power reached to 54% at the end of 2022.
Gas in Turkey
Fossil gas supplies over a quarter of Turkey's energy. The country consumes 50 to 60 billion cubic metres of this natural gas each year, nearly all of which is imported. A large gas field in the Black Sea however started production in 2023.
Agriculture in Turkey
Agriculture is still an important sector of Turkey's economy, and the country is one of the world's top ten agricultural producers.Wheat, sugar beet, milk, poultry, cotton, vegetables and fruit are major products;and Turkey is the world's largest grower of hazelnuts,apricots,and oregano. Half of Turkey's land is agricultural, and farming employs about 15% of the workforce,[5] but under half a million farmers.It provides about 10% of exports and over 5% of gross domestic product (GDP).Over 380 billion lira of agricultural subsidy is budgeted for 2024.
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