GDP growth is estimated to have slowed to under 3% in 2016, but is projected to pick up gradually to around 3.75% by 2018. The Turkish economy continues to face geopolitical headwinds and unsettled political conditions, after having weathered a coup attempt in July and engaged in military operations in Syria. 

"Turkish banks have had no difficulty accessing foreign wholesale funding."

Turkey Snapshot 2013

Find key economic figures and trends for Turkey from OECD Yearbook 2013

You paint a positive picture of Turkey’s economy in terms of growth of GDP and employment (OECD Observer No 290-91, Q1-Q2 2012). Nevertheless, the interview states that for the future of the Turkish economy, “labour market reform is key, especially to encourage the shifting of resources from the informal to the formal sector: a more flexible labour contract is needed and minimum wage setting should be decentralised”

©Mehmet Kacmaz/NAR Photos-REA

The OECD is preparing its forthcoming Economic Survey of Turkey. What issues will be examined? We asked the OECD Economics Department to outline them. Turkey has achieved strong growth in terms of GDP and employment and its public finances are in comparatively good shape. As you prepare your forthcoming Economic Survey of Turkey, what factors would you say contributed to these successes? 

©OECD

Having left the most difficult years of the global crisis behind us, it is now universally recognised that Turkey is one of the countries which has managed to put its economy back on the path to strong growth in a short period of time. 

R.T.Erdogan ©M.Azakir/Reuters

Turkey’s efforts in the struggle against poverty and income inequality have met with much success. Today, the country stands out as a model in the region and beyond. Prime Minister Recep Tayyip Erdoğan discusses these achievements and the country’s role in international co-operation. 

Economic data

GDP growth: +0.5% Q2 2019 year-on-year
Consumer price inflation: 1.9% August 2019 annual
Trade: +0.4% exp, -1.2% imp, Q1 2019
Unemployment: 5.1% August 2019
Last update: 9 September 2019

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