Turkey's General Government Debt (% of GDP), 1990-2022

Turkey’s government debt-to-GDP ratio showed significant volatility, with a peak of 75.5% in 2001 due to a severe financial crisis. Economic reforms, structural adjustments, and fiscal discipline over the following years brought debt down to 28.4% by 2014. However, Turkey’s debt rose modestly in subsequent years due to political instability and economic challenges, reaching 39.7% in 2020 as COVID-19 impacted Turkey’s economy.

In 2021, debt continued to rise slightly, peaking at 41.8%, but by 2022, it decreased to 31.2%, reflecting Turkey’s ongoing efforts to manage fiscal policy amidst inflation and currency devaluation challenges. The recent reduction showcases Turkey’s resilience and fiscal adjustments, despite economic headwinds.

For additional information, visit statistics on Turkey’s annual GDP growth rate, Turkey’s industry sector GDP share, Turkey’s central government debt ratio.