map Turkey
In the first half of 2023, Turkey faced a challenge of unbalanced economic growth, fuelled primarily by strong household consumption. While this uptick provided a boost to the economy, it also created a delicate balancing act for the Turkish authorities. If they maintain their dedication to monetary stability, the opportunity exists to gradually rein in inflation over the coming years; however, that would come at the cost of economic slowdown. That said, the possibility of policy reversals in the future, once external financing becomes more stable or the budget deficit levels out, brings an element of uncertainty.
Main Economic Indicators202020212022202320242025
Population, 1000 persons833858414784980...
GDP, real change in %1.911.
GDP per capita (EUR at PPP)183302036024360...
Gross industrial production, real change in %
Unemployment rate - LFS, in %, average13.
Average gross monthly wages, EUR570556590...
Consumer prices, % p.a.12.319.672.354.954.035.0
Fiscal balance in % of GDP-2.9-2.4-1.1-4.0-3.0-3.0
Public debt in % of GDP39.641.731.7...
Current account in % of GDP-4.5-0.9-5.3-5.3-4.1-3.7
FDI inflow, EUR m67061131912735...
Gross external debt in % of GDP55.755.949.9...

Basic data are continuously updated.

* Forecasts are changed beginning of January, April, July and November.
See Press Conferences.


TURKEY: A balancing act between growth and disinflation

Meryem Gökten
in: Beneath the Veneer of Calm
wiiw Forecast Report No. Autumn 2023, October 2023 , pp. 133-136
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Monthly Report No. 7-8/2023

Vasily Astrov, Alexandra Bykova, Rumen Dobrinsky, Selena Duraković, Meryem Gökten, Richard Grieveson, Doris Hanzl-Weiss, Gabor Hunya, Branimir Jovanović, Niko Korpar, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Sandor Richter, Bernd Christoph Ströhm, Maryna Tverdostup, Nina Vujanović, Zuzana Zavarská and Adam Żurawski
wiiw Monthly Report No. 7-8, July-August 2023
51 pages including 3 Tables, 24 Figures and 1 Box