In the media and on social media, we hear various opinions about the situation in neighboring Turkey: from geopolitics and military superpower in the wider Middle East, to an extremely poor country where 90% of the population struggles to survive. We also often hear analysts say compare Greece's military power with that of Turkey, with financial data usually taking a back seat. Here, we will do the opposite.
Demographically, Turkey is clearly at an advantage compared to Greece, with a population of 85.4 million and a median age of 34, while Greece has a population of 10.4 million and a median age of almost 47.1, 2], which – as we have seen in a related video on the channel – greatly burdens the insurance system. However, the size of the neighboring country's economy is not impressive, as Turkey has only four times the real GDP of Greece (€799 billion compared to €201 billion [3]), resulting in per capita real income in Greece being twice as high – €18,670 compared to €9,080 for 2023 [4].
In terms of the «fiscal health» of the two countries, Greece carries a heavy debt burden (153.61% of GDP [5]), while Turkey's corresponding debt barely reaches 26% [6At the same time, both countries face challenges in terms of unemployment (Greece: 10.11% of the population, Turkey: 8.81% of the population [7]), while Turkey has a more balanced current account balance (Greece: -6.4% [8], Turkey: -0.8% [9]).
In the social sphere, the situation in the two countries differs, but not to the extent that most of us might think. If we look at per capita GDP in terms of purchasing power, the latest available Eurostat data show that Turkey managed to surpass Greece in 2023 with €27,458 compared to €26,354 [10], while our country has a slightly lower – but still extremely high – poverty rate (Greece: 19.6%, Turkey: 22.2% [11]) and slightly higher life expectancy (Greece: 81.8 years, Turkey: 77.3 years [12]).
The data show that neither the image of an «all-powerful» nor a «deconstructed» country accurately reflects the reality experienced by our neighbors in comparison to the Greeks. Turkey clearly excels in size and demographic dynamics, but its real economy is faltering and the quality of life it offers its citizens is inferior to that of Greece. Greece, on the other hand, continues to offer a higher standard of living, but it is burdened by an insurmountable debt that is likely to affect it in the future. The comparison reveals two countries with different strengths and weaknesses, which are called upon to manage their challenges.
*All data refer to the latest available year published for both countries.
[1] Eurostat. Population change – Demographic balance and crude rates at national level. European Commission. Retrieved September 22, 2025, from https://ec.europa.eu
[2] Eurostat. Population structure indicators at national level. European Commission. Retrieved September 22, 2025, from https://ec.europa.eu
[3] Eurostat. GDP and main components. European Commission. Retrieved September 22, 2025, from https://ec.europa.eu
[4] Eurostat. Real GDP per capita. European Commission. Retrieved September 22, 2025, from https://ec.europa.eu
[5] Eurostat. General government gross debt. European Commission. Retrieved September 22, 2025, from https://ec.europa.eu
[6] International Monetary Fund. (2024). General government gross debt (% of GDP) – Turkey. IMF. Retrieved September 22, 2025, from https://www.imf.org
[7] Eurostat. Total unemployment rate. European Commission. Retrieved September 22, 2025, from https://ec.europa.eu
[8] Eurostat. Current account balance – annual data. European Commission. Retrieved September 22, 2025, from https://ec.europa.eu
[9] International Monetary Fund. (2024). Current account balance (% of GDP) – Turkey. IMF. Retrieved September 22, 2025, from https://www.imf.org
[10] Eurostat. GDP and main components per capita. European Commission. Retrieved September 22, 2025, from https://ec.europa.eu
[11] Eurostat. At-risk-of-poverty rate by poverty threshold, age, and sex. European Commission. Retrieved September 22, 2025, from https://ec.europa.eu
[12] Eurostat. Life expectancy at birth. European Commission. Retrieved September 22, 2025, from https://ec.europa.eu
