Turkish Economy Soars in 2023, Boosting GDP and Per Capita Income
Impressive Growth Rates
Türkiye's economy has witnessed remarkable growth in 2023, with a 45% increase in Gross Domestic Product (GDP) compared to the previous year. This impressive growth rate surpasses the 55% reported in the initial estimate, indicating a strong momentum in the country's economic recovery.
GDP per Capita on the Rise
Along with the overall economic growth, Turkey's GDP per capita has also experienced a significant increase, reaching $9,743 in 2021, a rise of 12.79% from the previous year. This translates to an impressive $1,104 increase in per capita income, demonstrating a tangible improvement in the living standards of Turkish citizens.
International Comparison
Despite the impressive growth, Turkey's GDP per capita remains below the global average, with the country's value representing approximately 116% of the world's average. However, Turkey's per capita GDP has been steadily increasing over the past decades, growing from $6,289.22 in 1960 to its current level.
Regional Disparities
Within Turkey, economic wealth is concentrated in the northwest and western regions, including the major city of Istanbul, which boasts the highest GDP and GDP per capita in the country. The eastern and southeastern regions face challenges in economic development and infrastructure.
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