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Why Investing in Turkey
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Why Investing in Turkey
Overview of Turkey's Economic Growth (2002-2022)
Introduction
Turkey has exhibited remarkable economic growth over the last two decades, ranking 11th globally in GDP by Purchasing Power Parity (PPP) as of 2021, up from 18th in 2003.
Certainly, the remarkable ascent of Turkey from 18th to 11th place in the global GDP rankings by Purchasing Power Parity (PPP), as reported by the International Monetary Fund (IMF), is a significant economic milestone. This leap over a span of 18 years, from 2003 to 2021, underscores the resilience and vitality of Turkey’s economy. The climb suggests not only sustained economic growth but also an ability to outperform many other economies during this period. This achievement reflects Turkey’s effective economic policies, fiscal discipline, and strategic investments in various sectors. Moving into the top 15 economies globally signals Turkey’s growing influence on the world stage and sets the stage for its future economic prospects
Average Annual GDP
Growth Rate (2002-2022)
- Turkey: 5.4%
- Poland: 3.8%
- Romania: 3.6%
- Hungary: 2.9%
- Czechia: 2.5%
- Bulgaria: 2.2%
Source: IMF WEO
Public Debt as % of GDP
Decreased from over 70% in 2002 to around 38% in 2021
Source: Eurostat, Ministry of Treasury and Finance, IMF WEO
Budget Balance as % of GDP
Noticeable improvement in budget deficit over the past 20 years
Source: Eurostat, Ministry of Treasury and Finance, IMF WEO
GDP at Current Prices
Increased from USD 236 billion in 2002 to USD 906 billion in 2022
Source: TurkStat
Key Drivers of Growth
- Strong domestic consumption
- Robust investments
- Growing exports
Source: TurkStat
Job Creation (2003-2021)
Approximately 28.8 million new jobs generated
Source: OECD
Annual Growth in Exports (2002-2021)
- Turkey: 10.3% CAGR
- World: 6.7% CAGR
Source: TurkStat,
International Trade Centre (ITC)
The data reveals an impressive trajectory for Turkey’s exports over the past two decades, growing at an average annual rate of 10.3%. This growth rate outpaces the world average, showcasing Turkey’s robust export economy and its ability to adapt to global market demands. Starting at a modest USD 36 billion in 2002, Turkey’s export volume has ballooned to an astonishing USD 254 billion by 2021, as per the figures from TurkStat and the International Trade Centre (ITC). This sevenfold increase is a testament to the country’s expanding industrial capabilities and successful trade policies. The growth in exports not only indicates a stronger economic position for Turkey but also its increasing significance in the global trade ecosystem.
Turkey’s rising share in global exports from less than 0.6% in 2002 to around 1% in 2021 is a noteworthy achievement that highlights the country’s growing influence in international trade.This increase aligns with Turkey’s remarkable economic performance over the past two decades and offers a compelling reason to invest in Turkey.
The consistent uptick in its share of global exports indicates a favorable and stable economic environment that has been cultivated through strategic planning and investment in key sectors. Investors looking to capitalize on export-oriented growth will find Turkey to be a promising destination. The country’s advancing role in the global trade ecosystem enhances its attractiveness as an investment locale, particularly for those interested in export-driven industries.
Share in Global Exports
The substantial growth in Turkey’s export volume, from USD 36 billion in 2002 to USD 254.2 billion in 2022, reflects its dynamic and adaptable economic landscape. Notably, Turkey has achieved significant export diversification, both in terms of destination markets and product types.
This diversification has led to stronger and more resilient trade relations with regions like the Middle East, Africa, North America, and the EU. Such a broadening of export destinations and product offerings makes Turkey an enticing opportunity for investors. If you’re considering international trade and diversification as key aspects of your investment strategy, Turkey’s proven performance in these areas adds to its allure as a favorable investment destination.
Increased from less than 0.6% in 2002 to around 1% in 2021
Source: ITC – Source: TurkStat
Conclusion
Turkey’s economy has shown remarkable resilience and growth, driven by fiscal discipline, a robust domestic market, and an entrepreneurial private sector. The positive momentum is expected to continue in the coming years.
