Turkey's leading businesses report a combined profit of $435 billion in the year 2024, accounting for approximately 40% of the country's GDP, according to Fortune 500.
The Turkish economy is experiencing a period of steady and resilient growth, as reflected by key macroeconomic indicators and the performance of major companies. This is evident in the recent release of the Fortune 500 Turkiye ranking, which lists the 500 largest companies in the country based on their net sales.
In the 2024 list, a total of 149 publicly listed companies were included, marking the highest number since the ranking began in 2008. The total net sales of these companies reached ₺17.39 trillion ($434.55 billion) in the previous year, with a growth of 35.6% compared to the year before.
Exports made up 25.4% of all sales, totalling ₺4.42 trillion in 2024, a 41.8% increase in Turkish lira terms. Notably, Turkish Airlines was the leading exporter among the listed companies, followed by Ford Otomotiv, Arcelik, Tupras, and Anadolu Efes. Tupras, the country's largest refinery, is in the second position with ₺810.4 billion in net sales.
Employment among the listed firms grew by 7.8% year-over-year, reaching approximately 1.5 million. Energy Exchange Istanbul retained the top position with net sales of ₺864.8 billion. Out of the 500 companies, 351 reported profits, while 149 declared losses. The number of companies with net sales exceeding ₺10 billion rose to 314, and the lowest sales figure on the list also rose significantly, with the 500th company posting ₺5.1 billion in net revenue.
The World Bank has upgraded Turkey's GDP growth forecast for 2025 to 3.1%, an increase from the earlier estimate of 2.6%, citing continued economic momentum fueled by stronger-than-expected growth in late 2024 and favourable external factors like lower global oil prices. In the first nine months of 2024, Turkey's economy grew by 3.2%, ranking it among the top five best-performing economies within the G20, despite global uncertainties and challenges such as supply chain disruptions and inflationary pressures.
Inflation has been high but is on a declining trend, with annual inflation easing to 35.4% by May 2025, the lowest in over three years. The Turkish central bank is targeting a further reduction to around 24% by the end of 2025, within a range of 19%-29%. Monetary tightening measures taken to combat inflation have contributed to the slight growth moderation seen in 2024 but have bolstered economic stability.
The resilience of leading Turkish firms listed on the Fortune 500 Turkiye points towards a structural robustness in the economy, supported by government policies aimed at sustainable high growth and economic stability. Major Turkish companies, such as Ereğli Demir ve Çelik Fabrikaları (Erdemir), have thrived despite sectoral and global volatility, driven by increased production volumes and export growth.
President Erdoğan has underscored the structural resilience of Turkey’s economy and the stability of the government’s economic program, which has remained robust despite domestic and external shocks. Confidence in the Turkish lira and economic policies is rising, supported by strengthening reserves and ongoing disinflation efforts.
In summary, the current state of the Turkish economy is one of steady and resilient growth, supported by effective government policies, improving inflation dynamics, and strong corporate performance from top Turkish companies, including those on the 2024 Fortune 500 Turkiye list. The economy faces ongoing challenges but has managed to sustain growth rates above 3% with positive prospects for continued stability and expansion in 2025.
- The Turkish economy, as shown by key indicators and major company performances, is experiencing steady and resilient growth, evident in the record-high number of 149 publicly listed companies included in the 2024 Fortune 500 Turkiye ranking.
- Turkish Airlines was the leading exporter among the Fortune 500 Turkiye-listed companies, while Tupras, the country's largest refinery, stood second with ₺810.4 billion in net sales.
- Inflation, although high, has been on a declining trend, with annual inflation easing to 35.4% by May 2025, the lowest in over three years. The Turkish central bank aims to further reduce inflation to around 24% by the end of 2025.
- The resilience of leading Turkish firms listed on the Fortune 500 Turkiye points towards a structural robustness in the economy, supported by government policies aimed at sustainable high growth and economic stability.
- Major Turkish companies, such as Ereğli Demir ve Çelik Fabrikaları (Erdemir), have thrived despite sectoral and global volatility, driven by increased production volumes and export growth, contributing to the steady growth of Turkey's economy.
