The economy is growing strongly, thanks to both government-driven stimulus and robust foreign demand. However, continued political noise – both at home and abroad – risks knocking the recovery off course. Rapid private credit growth is also a source of concern, although the main risk remains the large external financing requirement, which leaves Turkey highly exposed to further tightening of monetary policy in the US.

map Turkey
Main Economic Indicators201420152016201720182019
Population, 1000 persons771827821879278...
GDP, real change in %
GDP per capita (EUR at PPP)169001800017900...
Gross industrial production, real change in %
Unemployment rate - LFS, in %, average9.910.310.911.010.610.4
Average gross monthly wages, EUR......
Consumer prices, % p.a.
Fiscal balance in % of GDP-0.8-1.0-1.7...
Public debt in % of GDP28.627.528.1...
Current account in % of GDP-4.7-3.7-3.8-4.1-3.9-3.9
FDI inflow, EUR mn96371581111147...
Gross external debt in % of GDP47.047.149.2...

Basic data are continuously updated.

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


TURKEY: Economy shrugging off political noise with help of external demand

Richard Grieveson
in: CESEE Back on Track to Convergence
wiiw Forecast Report No. Autumn 2017, November 2017 , pp. 123-127
Details and Buy


Monthly Report No. 7-8/2017

Vasily Astrov, Rumen Dobrinsky, Vladimir Gligorov, Richard Grieveson, Doris Hanzl-Weiss, Peter Havlik, Gabor Hunya, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter and Hermine Vidovic
wiiw Monthly Report No. 7-8, July-August 2017
27 pages including 1 Table and 2 Figures