Forecast: Financial Services and Insurance Gross Value Added in Türkiye

The Financial Services and Insurance Gross Value Added (GVA) in Türkiye has exhibited notable fluctuations over the past decade. After observing a peak of €26.04 billion in 2016, values oscillated with a dip to €19.6 billion in 2018. The sector rebounded over the next few years, reaching a high of €28.41 billion in 2022. As of 2023, the GVA stands at €27.88 billion. Over the past two years, the GVA achieved a year-on-year growth of 41.37% in 2022, followed by a slight decline of 1.88% in 2023. The compound annual growth rate (CAGR) for the last five years stands at 7.3%, reflecting a strong recovery phase that overshadowed past declines.

Future trends to watch for in this sector include:

• Structural adjustments due to evolving regulatory environments within Türkiye.

• Digital transformation driving efficiencies and new financial service models.

• Impacts of macroeconomic factors and geo-political dynamics on the sector's stability and growth trajectory.