National debt in Turkey in relation to gross domestic product (GDP) 2029

The statistic shows the national debt of Turkey from 2019 to 2023 in relation to the gross domestic product (GDP), with projections up until 2029. The data relate to the entire Turkish state and include government debt and the debt of the provinces, municipalities, communes as well as social security. In 2023, Turkey's national debt amounted to around 29.26 percent of the GDP. 

Turkey's economic situation

Based on the current state of its economy, Turkey is defined as an emerging market and one of the newly industrialized countries in the world. Turkey is identified as one of the members of the G-20 major economies and is also a member of the EU Customs Union, allowing for custom-free trade amongst all member states. Like every other country's economy, Turkey’s economy is primarily made up of three different sectors; agriculture, industry and services. Over the past decade, Turkey has shifted more focus to its services sector, most notably tourism, communications and transport, while slightly decreasing its dependency on the agricultural and industrial aspects.

While many other countries have struggled to recover from the 2008 global financial crisis as well as the Eurozone crisis, the Turkish economy returned to its pre-crisis form in several years and has since seen exponential economic growth and higher productivity and efficiency, more than double the amount compared to a decade prior. With regards to total GDP, government spending within the country has remained relatively low and has remained stable over the past decade, in comparison to developed EU countries, which may be spending more than they can afford.