map Turkey
The economy is currently booming, underpinned by strong credit growth, robust domestic consumption, and the impact of the global recovery on export demand and tourism. Ultra-loose monetary policy by the major economies is supporting capital inflows; but as the US, in particular, starts to taper its asset purchases, the risks for Turkey’s external financing will rise. While the short-term outlook is good, the usual vulnerabilities remain – not least high inflation and uncertainty over the direction of monetary policy.
Main Economic Indicators201820192020202120222023
Population, 1000 persons814078257983385...
GDP, real change in %
GDP per capita (EUR at PPP)191701853019000...
Gross industrial production, real change in %1.1-0.62.2...
Unemployment rate - LFS, in %, average11.013.713.
Average gross monthly wages, EUR630703570...
Consumer prices, % p.a.16.315.212.317.512.210.0
Fiscal balance in % of GDP-2.8-3.2-2.8-3.5-2.5-1.5
Public debt in % of GDP30.232.739.5...
Current account in % of GDP-2.70.9-5.2-3.1-2.9-2.7
FDI inflow, EUR m1093182746814...
Gross external debt in % of GDP56.754.656.3...

Basic data are continuously updated.

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


Executive summary

Vasily Astrov
in: Recovery Beating Expectations
wiiw Forecast Report No. Autumn 2021, October 2021 , pp. I-VI


Monthly Report No. 7-8/2021

Vasily Astrov, Alexandra Bykova, Rumen Dobrinsky, Selena Duraković, Richard Grieveson, Doris Hanzl-Weiss, Gabor Hunya, Branimir Jovanović, Niko Korpar, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter, Bernd Christoph Ströhm and Maryna Tverdostup
wiiw Monthly Report No. 7-8, July-August 2021
42 pages including 4 Tables and 15 Figures