Table of Contents
Turkey’s GDP in 2024 is estimated at $900 billion USD, with an inflation rate of 47%. The country has a population of approximately 85 million and uses the Turkish Lira (TRY) as its currency. The official language is Turkish. Over the years, Turkey’s economy has experienced high inflation and currency fluctuations, affecting income levels and living costs. The average monthly income in 2024 is 8,971 TRY, and it is projected to reach 9,000 TRY in 2025, reflecting an increase of 897.8% due to currency devaluation and economic adjustments.
Living costs have consistently increased due to inflation. In 2010, the average cost of living per person was 3,000 TRY. By 2015, it had risen to 4,000 TRY, growing at a rate of 5.3%. In 2020, the cost of living was 6,000 TRY, and by 2024, it reached 8,500 TRY. In 2025, it is expected to rise to 9,500 TRY, reflecting an 11.8% increase.
Housing is the largest expense, accounting for 30% of total living costs in 2025, with an average monthly cost of 3,000 TRY. In 2010, housing costs were 1,000 TRY and gradually increased over the years. By 2015, housing costs reached 1,400 TRY, and by 2020, they rose to 2,200 TRY. In 2023, housing costs were 3,000 TRY and are projected to increase to 3,500 TRY in 2025, reflecting a 9.4% rise.
Food expenses account for 25% of total costs, with an average monthly cost of 2,500 TRY in 2025. In 2010, food costs were 800 TRY. By 2015, they rose to 1,100 TRY, and by 2020, they reached 1,900 TRY. Food prices peaked at 2,500 TRY in 2023 and are projected to increase to 2,750 TRY in 2025 due to inflation and supply chain issues.
Transportation costs are 1,000 TRY per month in 2025, accounting for 10% of total expenses. Utility costs, including electricity, water, and heating, are 800 TRY per month, making up 8% of living costs. Healthcare expenses amount to 700 TRY, while entertainment costs are 500 TRY. Miscellaneous expenses, covering personal and unexpected costs, total 1,000 TRY per month.
Overall, Turkey’s economic landscape has been shaped by inflation, currency fluctuations, and wage adjustments. While income is expected to increase significantly in 2025, rising living costs continue to impact affordability.
Let’s take an in-depth look at Turkey’s economy, income levels, and living costs from 2010 to 2025. Explore detailed insights on wages, inflation, and other expenses.
Country Overview
| Aspect | Details |
|---|---|
| Capital | Ankara |
| Population | Approximately 85 million (2024) |
| Currency | Turkish Lira (TRY) |
| Official Language | Turkish |
| GDP (2024) | $900 billion USD |
| Inflation Rate (2024) | 47% |
| Average Monthly Income (2024) | 8,971 TRY |
Living Cost Per Month Breakdown (2025)
Note: Costs are presented in Turkish Lira (TRY).
| Expense Category | Cost (TRY) | Percentage (%) |
|---|---|---|
| Housing | 3,000 | 30% |
| Food | 2,500 | 25% |
| Transportation | 1,000 | 10% |
| Utilities | 800 | 8% |
| Healthcare | 700 | 7% |
| Entertainment | 500 | 5% |
| Miscellaneous | 1,000 | 10% |
| Total | 9,500 | 100% |
Income Per Month Table (2010-2025)
| Year | Income (TRY) | Growth (%) |
|---|---|---|
| 2010 | 3,000 | — |
| 2011 | 3,150 | 5.0% |
| 2012 | 3,300 | 4.8% |
| 2013 | 3,500 | 6.1% |
| 2014 | 3,800 | 8.6% |
| 2015 | 4,000 | 5.3% |
| 2016 | 4,300 | 7.5% |
| 2017 | 4,600 | 7.0% |
| 2018 | 5,000 | 8.7% |
| 2019 | 5,500 | 10.0% |
| 2020 | 6,000 | 9.1% |
| 2021 | 6,500 | 8.3% |
| 2022 | 7,500 | 15.4% |
| 2023 | 8,000 | 6.7% |
| 2024 | 8,500 | 6.3% |
| 2025 | 9,500 | 11.8% |
Housing Cost Per Month (2010-2025)
Note: Costs are presented in Turkish Lira (TRY).
| Year | Housing Cost (TRY) | Growth (%) |
|---|---|---|
| 2010 | 1,000 | — |
| 2011 | 1,050 | 5.0% |
| 2012 | 1,100 | 4.8% |
| 2013 | 1,200 | 9.1% |
| 2014 | 1,300 | 8.3% |
| 2015 | 1,400 | 7.7% |
| 2016 | 1,500 | 7.1% |
| 2017 | 1,600 | 6.7% |
| 2018 | 1,800 | 12.5% |
| 2019 | 2,000 | 11.1% |
| 2020 | 2,200 | 10.0% |
| 2021 | 2,400 | 9.1% |
| 2022 | 2,800 | 16.7% |
| 2023 | 3,000 | 7.1% |
| 2024 | 3,200 | 6.7% |
| 2025 | 3,500 | 9.4% |
Food Cost Per Month (2010-2025)
Note: Costs are presented in Turkish Lira (TRY).
| Year | Food Cost (TRY) | Growth (%) |
|---|---|---|
| 2010 | 800 | — |
| 2011 | 840 | 5.0% |
| 2012 | 880 | 4.8% |
| 2013 | 930 | 5.7% |
| 2014 | 1,000 | 7.5% |
| 2015 | 1,100 | 10.0% |
| 2016 | 1,250 | 13.6% |
| 2017 | 1,400 | 12.0% |
| 2018 | 1,600 | 14.3% |
| 2019 | 1,750 | 9.4% |
| 2020 | 1,900 | 8.6% |
| 2021 | 2,100 | 10.5% |
| 2022 | 2,400 | 14.3% |
| 2023 | 2,500 | 4.2% |
| 2024 | 2,600 | 4.0% |
| 2025 | 2,750 | 5.8% |
Conclusion
Turkey has experienced significant economic fluctuations, with inflation driving up living costs while income levels have struggled to keep pace. The cost of essentials such as housing and food has risen considerably in the past decade. While the Turkish economy continues to grow, factors like currency depreciation and inflation remain key challenges.
Sources:
- Federal Reserve Economic Data (FRED) – Wikipedia.org
- Investopedia’s Analysis – Investopedia.com
- Numbeo –numbeo.com/cost-of-living/
