Türkiye: Record growth with $390 billion in exports!

Türkiye: Record growth with $390 billion in exports!

The Turkish economy has been on a continuous growth path since 2003 under the leadership of President Recep Tayyip Erdoğan. How TRT reports, an export target of 390 billion US dollars is being sought by the end of 2025. Over the last 22 years, targeted economic and trade policies have fundamentally changed the country's economic environment.

In the second quarter of 2025, gross domestic product (GDP) reached a historic record of $1.37 trillion. For comparison: in 2002, before Erdoğan took office, GDP was only $238 billion. This positive development is also reflected in per capita income, which rose from $3,608 in 2002 to $15,971 in the first quarter of 2025.

Economic successes and challenges

In the context of economic successes, Turkey has proven to be one of the fastest growing economies in the OECD over the past decade. The International Monetary Fund (IMF) raised its growth forecast for Turkey to three percent in July 2023. It is noteworthy that the current account deficit was reduced from $55.1 billion in May 2023 to $10 billion at the end of 2024.

Exports of goods and services reached $377 billion, the highest since the founding of the republic in 1923. However, these achievements are overshadowed by a longer history of economic challenges, including high inflation and currency problems since 2018.

Geographical and cultural contexts

Turkey, a unitary state in the Near East and Southeast Europe, has a significant geopolitical presence with a population of over 85 million (as of 2022). The country's area is 783,562 km², with Istanbul being the largest city, followed by Ankara and Izmir. An urbanization rate of 77% (as of 2021) compounds urban challenges, while the country has 18 UNESCO World Heritage sites and attracts approximately 50 million tourists annually. Despite economic progress, tourism is a significant industry, receiving 56.7 million foreign visitors in 2023.

Turkey has established itself as a secular and Kemalist state since 1923, founded by Mustafa Kemal Atatürk. The current President Erdoğan has transformed the political system into a presidential system since 2017 and is increasingly facing authoritarian tendencies. This contrasts with international standards for freedom of expression and press freedom, where there are reports of numerous violations, particularly against journalists and political opponents. These tensions add to foreign policy challenges that are straining relations with neighboring countries such as Greece, Armenia, Iraq, Syria and Cyprus.

In terms of technology and infrastructure, Turkey is on a solid path. With an extensive road network and a growing rail transport offering, connections in the country are continually being improved. However, despite the challenges, the Turkish economy remains an important member of international organizations such as the OECD and NATO, while acting as an EU candidate country since 1999.

Overall, the Turkish economy reflects a complex mix of successes and challenges that shape both the current situation and the future of the country.