TUIK Report: Turkey's Per Capita GDP is 28% Below the EU Average

The Turkish Statistical Institute (TÜİK) has announced the provisional results for the 2023 Purchasing Power Parity (PPP). According to results published by the European Union Statistics Office Eurostat, Turkey's gross domestic product (GDP) per capita index has been set at 72. This figure is 28% below the average value of 100, which represents the 27 member countries of the European Union (EU).

The comparisons include 27 EU countries, 3 countries from the European Free Trade Association (EFTA), and Turkey, totaling 6 candidate countries. Luxembourg has the highest index value in Europe at 237, while the lowest values are observed in Albania and Bosnia and Herzegovina at 36. Luxembourg's GDP per capita index is 137% above the EU average, whereas Albania and Bosnia and Herzegovina are calculated to be 64% below.

Turkey's individual consumption level is 16% below the EU average. TÜİK has also revealed the actual individual consumption levels per capita to determine countries' levels of development. This value includes not only the goods and services purchased by consumers but also services provided by institutions such as the government or foundations. Turkey's individual consumption level index is 84, which is 16% below the average of EU countries.

When comparing actual individual consumption levels, the highest value is observed in Luxembourg at 136, while the lowest is in Albania at 41. Turkey's price level index related to actual individual consumption is reported at 39. This data indicates that goods and services that can be purchased for 100 euros in EU countries can be acquired for 39 euros in Turkey.

Turkey's price level index and comparisons show that the price level index reflects the purchasing power of national currencies against exchange rates. Turkey's price level index is 39, indicating that it offers a lower price level compared to EU countries. Economically, Turkey is assessed as a cheaper country compared to the group of countries it is contrasted with.

These results highlight some challenges that the Turkish economy faces compared to EU averages. However, the low price level index also suggests that Turkey offers attractive price options for certain goods and services. This data allows for a better assessment of economic conditions in international comparisons.