Turkey GDP Annual Growth Rate

Last Release

Mar 31, 2025

Actual

Units In

3.2

Frequency

Quarterly

Next Release

Sep 01, 2025

Time to Release

3 Months 0 Days 3 Hours

Highest	Lowest	Average	Date Range	Source
21.7 Jun 2021	-14.5 Mar 2009	4.71 %	1999-2025	Turkish Statistical Institute

On the expenditure side, household consumption is the main component of Turkish GDP and accounts for 70 percent, followed by gross fixed capital formation (22 percent) and government expenditure (15 percent). Exports of goods and services account for 27 percent of GDP while imports account for 32 percent, subtracting 5 percent from total GDP.

Latest Updates

The Turkish economy expanded 2% year-on-year in Q1 2025, the smallest growth rate since a contraction in Q2 of 2020, below a 3% rise in Q4 2024 and forecasts of a 2.3% increase. Household spending (2% vs 3.9%), government expenditure (1.2% vs 1.6%) and investment (2.1% vs 6.1%) slowed significantly. Also, exports stalled (vs -2%) and imports rose at a faster 3% (vs 1.6%). On the production side, real estate activities accelerated (up 2.4% vs 1.3% previously), while growth in the services sector slowed (1.3% vs 3.2%), and the industrial sector contracted (-1.8% vs +1.4%). Compared to the previous period, the GDP in Turkey rose 1%, following a 1.7% rise in the previous period. The Turkish economy has been grappling with nearly two years of monetary tightening, which pushed borrowing costs as high as 50%. Although the central bank began cutting interest rates in December, it reversed course and raised them again amid market turmoil following the arrest of Istanbul Mayor Ekrem Imamoglu.