Economy of Turkey
Turkey has an emerging free-market economy. It ranked as the 16th-largest in the world and 7th-largest in Europe by nominal GDP in 2025. It also ranked as the 11th-largest in the world and 5th-largest in Europe by PPP in 2025. Turkey is a founding member of the OECD and G20. Ratified in 1995, the European Union–Turkey Customs Union is a free trade area between Turkey and the European Union. Turkey experienced an economic boom since the 2000s, later curtailed and moderated by a protracted downturn since 2018. It is the fourth-most-visited destination in the world, with its tourism sector generating 10-15% of total GDP. It has a large industrial manufacturing base through which it is a leading producer of motor vehicles, consumer electronics, home appliances and defense products. Turkish inflation has been a perennial challenge since the 1970s due to historic pro-growth economic and monetary policies.
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