Find out detailed information about the Turkish economy, GDP, power, position, growth rate for this year, and the future of this mighty economy.
Turkish economy: figures and statistics
In fact, Turkey is among the developed countries in terms of economy, and one of the modern industrialized countries in the world. Turkey’s economy has a solid infrastructure, through strength and cohesion in various economic fields over the past twenty years which are experiencing considerable crises.
The Turkish economy also enjoys great vitality, which gives it major competitive power on a global scale in various economic sectors. In addition, the Turkish economy attracts mega investment projects, such as shopping malls and real estate, and adopts the principles of free trade in cooperation with other countries, freeing the flow of money and services. between individuals and institutions.
Indeed, all these firm measures and steps taken by the Turkish government through the Ministry of Economy and Trade are leading to considerable growth and progress in the Turkish economy which is becoming among the world’s most powerful economies, G20.
Characteristics of the Turkish economy
Despite the obstacles and successive crises faced recently, the Turkish economy in 2022 exceeds all expectations by beating record figures and rates in recent years:
- Turkish exports amount to 243 billion dollars, whose share in the world scale climbs to 1.05%.
- The value of Turkish investments has reached 3.5 trillion dollars over the past twenty years, in various sectors, such as education, health, industry, tourism and social assistance.
- The gross domestic product (nominal value) amounts to more than 2.496 trillion Turkish liras this first quarter of this year.
- The Turkish economy achieved a growth rate of 7.3% in the first quarter of this year.
- The rate of increase in total production reached 79.5% in the first quarter of this year.
- The dependence on manufacturing in various sectors, which increases the volume of exports and decreases the dependence on imports.
What is the GDP of the Turkish economy?
One of the most important criteria for measuring the size and strength of an economy is gross domestic product, which includes the goods and services consumed.
In fact, the Turkish Statistical Office TUIK indicates that the gross domestic product, estimated at nominal value, amounts to more than 2.496 trillion Turkish liras, while the rate of increase in total production reaches 79.5% in the first quarter of 2022 compared to the same period in 2021.
The published data also indicates that the gross domestic product this first quarter climbs to 179.8 billion dollars.
According to the report titled ‘The Outlook for the World Economy’, published by the International Monetary Fund (IMF) in April 2022, which ranks countries according to their GDP, the Turkish economy ranks 23rd in the world this year. . Also, Turkey is expected to enter the 10 most powerful economies in the coming years.
Growth rate of Turkey in 2022
Despite the reduction in interest rates, the fluctuations in the price of the Turkish lira and the high inflation this year, Turkey continues its steady growth, due to the strong demand for Turkish products and the considerable increase in the manufacturing industry. and exports.
According to information released by TUIK, the Turkish National Statistical Office, the Turkish economy achieves 7.3% growth in the first quarter of 2022, a slight increase from the rate expected by economists in the first quarter. quarter of 2022, which is expected to be 7.2%.