Forecast: Value Added by Wholesale, Retail Trade, Restaurants and Hotels in Turkey

The value added by the wholesale, retail trade, restaurants, and hotels sector in Turkey is projected to grow steadily from $132.31 billion in 2013 to $156.62 billion in 2028. In 2023, the value stood at $143.34 billion. Over the past decade, the sector has experienced fluctuations: a significant decline in 2020 due to external factors, followed by robust recovery in 2021 and 2022. Year-on-year growth varied, peaking at 16.76% in 2021 and bottoming out at -15.26% in 2020. The five-year CAGR ended in 2023 was 2.02%, with a forecasted five-year CAGR of 1.45% from 2024 onwards.

Future trends to watch for:

• Economic stabilization efforts and their impact on consumer spending.
• The role of tourism in revitalizing the hospitality segment post-pandemic.
• Technological advancements in retail and e-commerce growth.
• Inflation rates and currency fluctuations affecting the sector.
• Government policies and investments in infrastructure and trade facilitation.