Global GDP Growth: Overview
Real GDP is computed using prices from the base year adjusted for inflation. A measure of economic growth, real GDP changes demonstrate whether the economic activity has increased or decreased. The US, China, Japan, Germany, and India have the top five economies in the world in terms of real GDP. With a value of $12.7 trillion, China had the second-largest real GDP behind the US in 2021. Japan ranked third globally with a $6 trillion real GDP during the same period. The next two largest economies are Germany and India, with real GDPs of $3.8 trillion and $2.9 trillion, respectively.
Turkey Exports: Overview
According to IMF, Turkish volume of total exports drastically contracted by 17.99% on an annual basis in 2020, a year when the coronavirus pandemic ravaged economies around the world, particularly in the country's main export destination, the EU.
Turkey is one of the leading exporters of vehicles and automobile equipment in the world.
In 2020, Turkey was the 16th largest exporter of vehicles in the world. Export earnings from vehicles accounted for 13.0% of its total exports in 2020. Turkey’s second largest export commodity was nuclear reactors, boilers, and machinery, and it accounted for 9.9% of its total export value in 2020. Another of the country’s major export commodities is electrical machinery and equipment, which accounted for 5.5% of total exports in 2020.
Germany, the United States, and Italy were Turkey’s top three trading partners in 2020; they accounted for 19.8% of total trade (exports and imports).
Turkey Exports as a % of GDP
Exports as a % of GDP of Turkey was 36.4% in 2021, while Turkey’s exports as a % of GDP grew by 20.5% year on year basis in 2021. Between 2010-2021, the exports as a % of GDP in Turkey increased by 88.8%. The exports as a % of GDP were highest in the year 2021 (36.4%), and lowest in the year 2010 (19.3%).
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