The value added of business services in Turkey has shown a steady increase from 736.89 billion New Turkish Liras in 2013 to 2136.1 billion in 2023. The year on year growth has been volatile with significant growth between 2017 and 2019, peaking at 20.79% in 2018. However, growth has slowed in recent years, reaching a lower 4.74% in 2023. The compound annual growth rate (CAGR) has also declined from 16.78% in 2019 to 6.66% in 2023. Looking ahead, the forecasted CAGR for the next five years is 3.04%, with a total growth rate of 16.15% by 2028.
Trends to watch for in the future include potential impacts of geopolitical changes, economic policies, and global market fluctuations. Additionally, technological advancements and innovation within the business services sector can drive growth. Policymakers' focus on enhancing service sector capabilities could play a critical role in future growth trajectories.
