Türkiye’s external debt tops $527B in first quarter, accounting for 38.5% of GDP

Türkiye’s Treasury and Finance Ministry announced Monday that the country’s gross external debt stock stood at $527.5 billion as of March 31, 2025, representing 38.5% of the country’s gross domestic product (GDP).

Net external debt remains moderate relative to GDP

According to the official statement, net external debt—calculated by subtracting external assets from gross debt—amounted to $264.1 billion, accounting for 19.3% of GDP. The ministry also revealed that Treasury-guaranteed external debt stock reached $15.9 billion during the same period.

Notably, Türkiye’s gross external debt-to-GDP ratio had peaked at 59% at the end of 2020. However, the figure has since declined, driven in part by the real appreciation of the Turkish lira.

The main building of Türkiye’s Treasury and Finance in Ankara, Türkiye, accessed on June 30, 2025. (AA Photo)

Türkiye's domestic public debt remains significant in local terms

On the domestic front, the public sector’s net debt stock totaled ₺7.8 trillion ($196.09 billion), or approximately 16.7% of GDP. The figure includes obligations of central and local government bodies, excluding those guaranteed by the Treasury.

In addition, the European Union-defined general government debt stock was reported at ₺11.8 trillion. This broader measure of public debt, which includes social security institutions and other public entities, represents 25.3% of national income.

June 30, 2025 02:23 PM GMT+03:00