Türkiye (Turkey)
Europe / Middle East · Ankara · TRY (Turkish Lira)
Economy & industry overview
Türkiye is the 17th-largest economy in the world by nominal GDP, with a diversified industrial base spanning manufacturing, textiles, automotive, tourism, construction, defence, and financial services. The country is a member of the G20 and the OECD, and maintains a customs union with the European Union. Following a period of heterodox monetary policy that pushed inflation above 80% in 2022, a policy normalisation began in mid-2023 under a new economic team, bringing annual inflation down from a peak of ~85% to approximately 31% by end-2025. Real GDP growth moderated to around 3.2–3.3% in 2024 and is projected to remain in the 3–4% range through 2026, supported by resilient domestic demand and a recovering tourism sector. Borsa Istanbul has seen record IPO activity in 2023–2025, with total listed market capitalisation reaching approximately USD 465 billion as of early 2026.
Key sectors
Learn everything about Türkiye (Turkey) →Macro
| GDP nominal, USD | $1.32T |
| GDP growth real, annual | 3.2% |
| Inflation annual | 30.9% |
| Population people | 85.4M |
| GDP per capita USD | $15,148 |
| Market cap total listed, USD | $465.60B |
| Market cap / GDP | 30.1% |
| Unemployment | 8.5% |
| Listed companies | 656 |
| Exchange | Borsa İstanbul (BIST) |
Data year: 2024. Sources: World Bank – World Development Indicators (2024), IMF World Economic Outlook (April 2025/2026), Borsa Istanbul / Baker McKenzie Cross-Border Listings Guide (February 2026), CEIC Data – Borsa Istanbul Market Capitalisation, TurkStat (Turkish Statistical Institute), Trading Economics, FocusEconomics, Wikipedia – Economy of Turkey, Turkish Citizenship by Investment Programme (official gazette).
Latest news
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Largest listed companies
The biggest companies on the main local exchange, by market capitalisation.
| # | Company | Sector | Market capUSD | US listing |
|---|---|---|---|---|
| 1 | BIM Birlesik MagazalarBIMAS · BIST | Consumer Staples / Retail | $9.80B | — |
| 2 | AkbankAKBNK · BIST | Financials / Banking | $9.20B | AKBTY |
| 3 | Türkiye İş Bankası (Isbank)ISCTR · BIST | Financials / Banking | $8.70B | ISCTY |
| 4 | Garanti BBVAGARAN · BIST | Financials / Banking | $8.50B | TKGBY |
| 5 | Yapı ve Kredi Bankası (YKB)YKBNK · BIST | Financials / Banking | $7.10B | — |
| 6 | Koç HoldingKCHOL · BIST | Diversified Conglomerate | $11.50B | — |
| 7 | Sabancı HoldingSAHOL · BIST | Diversified Conglomerate | $6.80B | — |
| 8 | TüpraşTUPRS · BIST | Energy / Refining | $8.30B | — |
| 9 | Ford OtosanFROTO · BIST | Automotive / Manufacturing | $9.40B | — |
| 10 | ArçelikARCLK · BIST | Consumer Durables / Manufacturing | $4.20B | — |
| 11 | Tofaş (Türk Otomobil Fabrikası)TOASO · BIST | Automotive / Manufacturing | $4.80B | — |
| 12 | Türk Hava Yolları (Turkish Airlines)THYAO · BIST | Transportation / Aviation | $7.60B | TKHVY |
| 13 | Ereğli Demir ve Çelik (Erdemir)EREGL · BIST | Materials / Steel | $5.10B | — |
| 14 | Şişe Cam (Şişecam)SISE · BIST | Materials / Glass & Chemicals | $4.60B | — |
| 15 | TurkcellTCELL · BIST | Telecommunications | $5.40B | TKC |
| 16 | HalkbankHALKB · BIST | Financials / Banking | $3.80B | — |
| 17 | VakıfbankVAKBN · BIST | Financials / Banking | $3.70B | — |
| 18 | Migros TicaretMGROS · BIST | Consumer Staples / Retail | $3.20B | — |
| 19 | PetkimPETKM · BIST | Energy / Petrochemicals | $2.10B | — |
| 20 | Enerjisa EnerjiENJSA · BIST | Utilities / Energy Distribution | $2.90B | — |
| 21 | AselsanASELS · BIST | Defence & Aerospace / Electronics | $6.20B | — |
| 22 | Logo YazılımLOGO · BIST | Technology / Software | $900.00M | — |
| 23 | Türk TelekomTTKOM · BIST | Telecommunications | $4.80B | — |
| 24 | Mavi GiyimMAVI · BIST | Consumer Discretionary / Apparel | $1.10B | — |
| 25 | KardemirKRDMD · BIST | Materials / Steel (Long Products) | $1.20B | — |
US-traded ETFs
Funds listed in the US that give exposure to this market, the simplest route for many US investors.
| ETF | Scope | Expense ratioannual % | Exposure% of fund |
|---|---|---|---|
| TURiShares MSCI Turkey ETF · BlackRock (iShares) | Single-country | 0.59% | 99% |
| VWOVanguard FTSE Emerging Markets ETF · Vanguard | Broad EM | 0.08% | 0% |
| EMXCiShares MSCI Emerging Markets ex China ETF · BlackRock (iShares) | Broad EM | 0.25% | 2% |
| EEMiShares MSCI Emerging Markets ETF · BlackRock (iShares) | Broad EM | 0.70% | 0% |
| EMQQEMQQ The Emerging Markets Internet ETF · EMQQ Global | Regional | 0.86% | 1% |
Local exchange & access
| Exchange | Borsa İstanbul |
| Code | BIST |
| Website | www.borsaistanbul.com |
| Currency | TRY |
Local broker access
Foreign investors may access Borsa Istanbul equities through an approved Turkish brokerage or a global broker offering international market access. Foreign ownership of Turkish listed shares is permitted but subject to sector-specific caps (e.g. aviation, media). US-based investors most commonly gain exposure via the iShares MSCI Turkey ETF (TUR) or through ADRs on OTC markets. Repatriation of capital and dividends is generally permitted, though currency risk (TRY volatility) is a material factor to consider.
Global brokers with foreign-market access
- Interactive Brokers — Direct access to 90+ markets worldwide, including many emerging exchanges.
- Saxo Bank — Multi-market access across Asia, Europe and the Middle East.
- Charles Schwab (Global) — Foreign ordinary shares on select markets; US-listed ADRs and ETFs.
- Fidelity International Trading — International stock trading on a number of developed and emerging markets.
Listed for convenience only. Not a recommendation. Available markets, fees and onboarding rules differ by broker and by your country of residence.
Relocation & residency
Investment visa / residency programme
Grants Citizenship / second passport
Türkiye operates a Citizenship by Investment (CBI) programme launched in 2017. Qualifying investment routes include: purchase of real estate valued at a minimum of USD 400,000 (held for at least 3 years); a bank deposit of at least USD 500,000; investment in government bonds or fixed capital contributions of at least USD 500,000. No residency or language requirements apply during the application process. Spouses and minor children are included. Turkish citizenship permits dual nationality. The passport is typically issued within several months to one year of application.
Minimum investment: $400.00K
Need help applying? Specialist investment-migration advisers such as Henley & Partners.
Foreign-investor access
Türkiye does not impose residency requirements for citizenship-by-investment applicants. Foreign nationals may obtain a short-term residence permit during the application process. Istanbul and Ankara are the primary expat hubs. The cost of living is substantially below Western European levels, though persistent inflation has eroded real purchasing power in recent years. Turkey permits dual citizenship.
US-listed ADRs & cross-listings
Companies from this country whose shares also trade in the US, investable in a normal US brokerage account.
| Company | US ticker | Local ticker | Note |
|---|---|---|---|
| Akbank T.A.Ş. | AKBTY | AKBNK | Trades as a Level-1 OTC ADR in the US. Not listed on a major US exchange; traded over-the-counter via the Pink Sheets / OTC Markets platform. |
| Garanti BBVA | TKGBY | GARAN | OTC-traded Level-1 ADR for one of Turkey's largest private banks, majority-owned by BBVA of Spain. Traded on OTC Markets in the US. |
| Turkcell İletişim Hizmetleri | TKC | TCELL | Turkcell is listed directly on the New York Stock Exchange (NYSE) as TKC, making it the most liquid US-traded Turkish equity. It reports under SEC requirements and provides English-language investor disclosures. |
| Turkish Airlines (Türk Hava Yolları) | TKHVY | THYAO | OTC-traded ADR providing US investor access to the Turkish national flag carrier, one of the world's largest airlines by destination count. |
| Türkiye İş Bankası (Isbank) | ISCTY | ISCTR | OTC-traded Level-1 ADR. Provides indirect US market access to Turkey's largest private bank by assets. |