Flag of Turkey>

Economy and Banking Sector of Turkey

National Currency

Turkish Lira (TRY)

Exchange Rate

1 EUR = 9.794 TRY (2020-10-30)

During the last 11 years EURTRY exchange rate was within the range 1.9360 - 7.6386, reaching its maximum in Aug 2018 and falling to its minimum in May 2010.

Euro to Turkish lira (EURTRY).

Chart 1. Euro to Turkish lira (EURTRY). Source: ECB.

GDP

Nominal GDP (2018)
652.5 bln EUR  (-0.16%)
Nominal GDP per Capita (2018)
8,020 EUR  (-0.17%)
Real GDP Growth (2018)
2.8 %  (2017: 7.4 %)

According to Eurostat, nominal GDP of Turkey in 2018 was 652.5 bln EUR.

Turkey outperforms the European Union in terms of real GDP growth with the average annual differential coming to 1.7% over the past 10 years (2008 - 2018). In 2018 real GDP growth was 2.8% which was above the Euro Area average (1.9%) and above the European Union average (2.0%). Real GDP growth in 2019 - 2024 are IMF's estimates.

Real GDP Growth in Turkey.

Chart 2. Real GDP Growth in Turkey. Source: Eurostat, International Monetary Fund.

In 2018, nominal GDP per capita in Turkey was 8,020 EUR.

Turkey has a below-average level of wealth in terms of per-capita GDP at purchasing power parity (PPP); this economic welfare indicator has, on average, fell behind that of the European Union by -32.0% over the past 10 years (2008 - 2018). GDP per capita at PPP in 2019 - 2024 are IMF's estimates.

GDP Per Capita at Purchasing Power Parity in  Turkey; European Union = 100.

Chart 3. GDP Per Capita at Purchasing Power Parity in Turkey; European Union = 100.

Inflation Rate

CPI, MoM (Apr 2020)
0.9 %  (Mar 2020: 0.6 %)
CPI, YoY (Apr 2020)
10.9 %  (Mar 2020: 11.9 %)
CPI, Year Average (2019)
15.2 %  (2018: 16.3 %)

According to Eurostat, inflation rate in Turkey in 2019 expressed as annual percentages of average consumer prices was 15.2% which was above the Euro Area average (1.2%) and above the European Union average (1.5%). Inflation rates in 2020 - 2024 are IMF's estimates.

Inflation Rate in Turkey.

Chart 4. Inflation Rate in Turkey. Source: Eurostat, International Monetary Fund.

Unemployment Rate

Unemployment Rate (2019)
13.7 %  (2018: 11.0 %)

According to Eurostat, unemployment rate in Turkey in 2019 was 13.7% which was above the Euro Area average (7.6%) and above the European Union average (6.3%). Unemployment rates in 2020 - 2024 are IMF's estimates.

Unemployment Rate in Turkey.

Chart 5. Unemployment Rate in Turkey. Source: Eurostat, International Monetary Fund.

Credit Ratings (as of Nov 2020)

Fitch
BB- (speculative), outlook stable
Moody's
B1 (highly speculative), outlook negative
Scope
B (highly speculative), outlook negative

Turkey has sovereign credit ratings assigned by American credit rating agencies Fitch and Moody's: the rating set by Fitch is BB- (speculative), outlook stable; the rating set by Moody's is B1 (highly speculative), outlook negative. Scope Ratings, the European rating agency, rated Turkey as B (highly speculative), outlook negative.

Fitch and Moody's rating data are provided for June 2020, Scope Ratings for November 2020.