Lira shrank down to 30% against the US dollar in 2018. In May 2019, European Bank for Reconstruction and Development (EBRD) released an economic outlook in which it is reported that Turkey's economy will probably see a gradual recovery of growth to around 2.5 percent in 2020. == Data == The following table shows the main economic indicators in 1980–2018.
Since 1995, Turkey is a party to the European Union–Turkey Customs Union. The CIA classifies Turkey as a developed country.
There have been increases in levels of employment and income since 2000.
Similarly, from 2002 to 2011, the budget deficit decreased from more than 10 percent to less than 3 percent, which is one of the EU Maastricht criteria for the budget balance.
The 2018 Turkish currency and debt crisis ended a period of growth under Erdoğan-led governments since 2003, built largely on a construction boom fueled by easy credit and government spending. In 2018, Turkey went through a currency and debt crisis, characterised by the Turkish lira (TRY) plunging in value, high inflation, rising borrowing costs, and correspondingly rising loan defaults.
Under these conditions, Turkey must find about $200 billion a year to fund its wide current account deficit and maturing debt, always at risk of inflows drying up, having gross foreign currency reserves of just $85 billion. Turkey has been meeting the “60 percent EU Maastricht criteria” for government debt stock since 2004.
The World Bank classifies Turkey as an upper-middle income country in terms of the country's per capita GDP in 2007.
In early June, the BIST-100 Index dropped to the lowest level in dollar terms since the global financial crisis in 2008. In 2017, the OECD expected Turkey to be one of the fastest growing economies among OECD members during 2015–2025, with an annual average growth rate of 4.9 percent.
Turkey has been the world's eight largest agricultural producer since 2008. As of 2016, Turkey is the world's largest producer of
In May 2018, credit ratings agency Standard & Poor's cut Turkey's debt rating further into junk territory, citing widening concern about the outlook for inflation amid a sell-off in the Turkish lira currency. Share prices in Turkey nearly doubled over the course of 2009.
In January 2010, International credit rating agency Moody's Investors Service upgraded Turkey's rating one notch.
Similarly, from 2002 to 2011, the budget deficit decreased from more than 10 percent to less than 3 percent, which is one of the EU Maastricht criteria for the budget balance.
In May 2018, Moody's Investors Service lowered its estimate for growth of the Turkish economy in 2018 from 4 percent to 2.5 percent and in 2019 from 3.5 percent to 2 percent. According to a 2013 Financial Times Special Report on Turkey, Turkish business executives and government officials believed the quickest route to achieving export growth lies outside of traditional western markets.
While the European Union used to account for more than half of all Turkey's exports, by 2013 the figure was heading down toward not much more than a third.
In early June, the BIST-100 Index dropped to the lowest level in dollar terms since the global financial crisis in 2008. In 2017, the OECD expected Turkey to be one of the fastest growing economies among OECD members during 2015–2025, with an annual average growth rate of 4.9 percent.
Inflation under 5% is in green. ==Main economic sectors== ===Agricultural sector=== Agriculture has a very important role in the national economy, providing 21.1% of total employment, 10% of all exports ($21.3 billion), and 7.5% of GDP ($61 billion) in 2015.
13, South Africa's rand slumped nearly 10%, the biggest daily drop since June 2016.
Turkey has been the world's eight largest agricultural producer since 2008. As of 2016, Turkey is the world's largest producer of
On May 10, 2017, the Borsa Istanbul (BIST-100 Index), the benchmark index of Turkey's stock market, set a new record high at 95,735 points.
In early June, the BIST-100 Index dropped to the lowest level in dollar terms since the global financial crisis in 2008. In 2017, the OECD expected Turkey to be one of the fastest growing economies among OECD members during 2015–2025, with an annual average growth rate of 4.9 percent.
Turkish companies’ foreign direct investment outflow has increased by 10 times over the past 15 years, according to the 2017 Foreign Investment Index. With policies of Recep Tayyip Erdoğan fuelling the construction sector, where many of his business allies are active, Turkey as of May 2018 had around 2 million unsold houses, a backlog worth three times average annual new housing sales.
According to Eurostat data, Turkish GDP per capita adjusted by purchasing power standards stood at 64 percent of the EU average in 2018.
Since under the government of Recep Tayyip Erdoğan, Turkey has been running huge and growing current account deficits, reaching $7.1 billion by January 2018, while the rolling 12-month deficit rose to $51.6 billion, one of the largest current account deficits in the world.
In March 2018, Moody's downgraded Turkey's sovereign debt into junk status, warning of an erosion of checks and balances under Recep Tayyip Erdoğan.
In May 2018, credit ratings agency Standard & Poor's cut Turkey's debt rating further into junk territory, citing widening concern about the outlook for inflation amid a sell-off in the Turkish lira currency. Share prices in Turkey nearly doubled over the course of 2009.
As of January 5, 2018, the Index reached 116,638 points.
However, in the course of the 2018 Turkish currency and debt crisis, the index dipped back below 100.000 in May.
In May 2018, Moody's Investors Service lowered its estimate for growth of the Turkish economy in 2018 from 4 percent to 2.5 percent and in 2019 from 3.5 percent to 2 percent. According to a 2013 Financial Times Special Report on Turkey, Turkish business executives and government officials believed the quickest route to achieving export growth lies outside of traditional western markets.
However, by 2018 the share of exports going to the EU was back above fifty percent.
Turkish companies’ foreign direct investment outflow has increased by 10 times over the past 15 years, according to the 2017 Foreign Investment Index. With policies of Recep Tayyip Erdoğan fuelling the construction sector, where many of his business allies are active, Turkey as of May 2018 had around 2 million unsold houses, a backlog worth three times average annual new housing sales.
The 2018 Turkish currency and debt crisis ended a period of growth under Erdoğan-led governments since 2003, built largely on a construction boom fueled by easy credit and government spending. In 2018, Turkey went through a currency and debt crisis, characterised by the Turkish lira (TRY) plunging in value, high inflation, rising borrowing costs, and correspondingly rising loan defaults.
The crisis was caused by the Turkish economy's excessive current account deficit and foreign-currency debt, in combination with the ruling Justice and Development Party's (AKP) increasing authoritarianism and President Erdoğan's unorthodox ideas about interest rate policy. On August 10, 2018, Turkish currency lira nosedived following Trump's tweet about doubling tariffs on Turkish steel and aluminum that day.
Lira crisis spotlighted deeper concerns about the Turkish economy that have long signaled turmoil long ago. By the end of 2018, Turkey went into recession.
The Turkish Statistical Institute claimed that the Turkish economy declined by 2.4% in the last quarter of 2018 as compared to the previous quarter.
Lira shrank down to 30% against the US dollar in 2018. In May 2019, European Bank for Reconstruction and Development (EBRD) released an economic outlook in which it is reported that Turkey's economy will probably see a gradual recovery of growth to around 2.5 percent in 2020. == Data == The following table shows the main economic indicators in 1980–2018.
In May 2018, Moody's Investors Service lowered its estimate for growth of the Turkish economy in 2018 from 4 percent to 2.5 percent and in 2019 from 3.5 percent to 2 percent. According to a 2013 Financial Times Special Report on Turkey, Turkish business executives and government officials believed the quickest route to achieving export growth lies outside of traditional western markets.
Lira shrank down to 30% against the US dollar in 2018. In May 2019, European Bank for Reconstruction and Development (EBRD) released an economic outlook in which it is reported that Turkey's economy will probably see a gradual recovery of growth to around 2.5 percent in 2020. == Data == The following table shows the main economic indicators in 1980–2018.
Lira shrank down to 30% against the US dollar in 2018. In May 2019, European Bank for Reconstruction and Development (EBRD) released an economic outlook in which it is reported that Turkey's economy will probably see a gradual recovery of growth to around 2.5 percent in 2020. == Data == The following table shows the main economic indicators in 1980–2018.
With a population of 83.4 million as of 2021, Turkey has the world's 20th-largest nominal GDP, and 11th-largest GDP by PPP.
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