20.2 GDP of Turkey and its unique sectorial makeup
Predominant sectors: Turkey’s GDP is predominantly composed of the services sector, including tourism, finance, and retail. The manufacturing sector, encompassing textiles, automotive, and electronics, is also substantial. Agriculture remains an essential sector but has been decreasing in relative size compared to services and manufacturing sectors .
Not so predominant sectors: While agriculture plays a significant role, it has been diminishing in its relative size compared to services and manufacturing sectors.so, it is not so predominant sector that contributes to total GDP.
Total GDP: Turkey’s nominal GDP reached $1.154 trillion in 2023.
Primary industry share of the total GDP: The primary industry, including agriculture, farming, logging, fishing, forestry contributes around 6.8% of Turkey’s total GDP.
Secondary industry share of the total GDP: The secondary industry, encompassing manufacturing, contributes about 26% to Turkey’s GDP.
Tertiary industry share of the total GDP: The tertiary industry, primarily in services, contributes approximately 67.2% to Turkey’s GDP.
GDP growth rate – YOY:
Total GDP growth rate: Turkey’s GDP growth rate has not remained constant and has fluctuated from year to year. This means that the rate at which the country’s economy is growing, as measured by its GDP, has varied over this period. In 2022, the average GDP growth rate for the year was about 5.6%. This suggests that the economy experienced a relatively stable and positive growth rate over the course of that year.
In 2016, Turkey’s GDP growth rate was 2.8%.
In 2017, it increased to 3.4%.
In 2018, it was 3.3%.
In 2019, the growth rate was 2.6%.
In 2020, there was a significant decrease, with a negative growth rate of -3.1%. This indicates that the economy contracted in that year, likely due to the impact of various factors, such as the COVID-19 pandemic.
In 2021, the economy rebounded strongly with a growth rate of 6%, signifying a rapid recovery from the previous year’s contraction.
Figure 1: GDP growth (annual %)
Primary Industry growth rate: The growth rate in the primary industry varies, influenced by agricultural performance.
Secondary Industry growth rate: The secondary industry’s growth rate fluctuates, influenced by manufacturing trends and policies.
Tertiary Industry growth rate: The tertiary industry typically experiences more stable growth, particularly in the services sector.