The State of Europe – Richest and Poorest Countries in the Continent
The economy of Turkey is a newly emerging economy and is described as one of the worlds newly industrialized countries. The country is one of the world’s leading producers of agriculture, textiles, consumer electronics, motor vehicles, and transportation equipment.
Since 2018, the Turkish currency, called the Lira, has been facing high inflation, increased borrowing costs, and rising loan defaults. As a result, Turkey has recently been facing financial and currency crisis. Turkey is one of the founding members of the G-20 Major Economies and the Organization for Economic-Cooperation and development.
Turkey has the worlds 17th largest nominal GDP and the world’s 13th largest GDP by PPP. The GDP of Turkey is $766.4 Billion nominal, with 55% in services, 27% in industry, and 17.7% in agriculture
GDP global rank: 20th
GDP per capita global rank: 68th
GDP European rank: 8th
GDP per capita European rank: 63th