Notes on the economies of Turkey and Portugal before the critical match

The data on the economies of Turkey and Portugal, which will face each other in the EURO 2024 group stage tonight, draw attention to their growth performances. Turkey’s gross domestic product (GDP) is 4 times that of Portugal, but it is observed that Portugal is in a better position in terms of per capita income and inflation.

Tonight in the F Group match of the 2024 European Football Championship, Turkey will face Portugal. The match will be played in the city of Dortmund, Germany, and the first whistle will be blown at 19:00 CET. So far, we have never achieved a victory against Portugal in official matches.

Prior to this important match, the macroeconomic data of the two countries were compared. The bilateral trade volume between Turkey and Portugal was realized as 2.8 billion dollars last year. It was observed that Turkey’s annual GDP and exports were much higher than Portugal’s. The fact that the coastal country has a smaller population compared to Turkey highlights the per capita income advantage, while the inflation rate indicates that Portugal is in a good position. In bilateral trade, Turkey’s imports from Portugal were 1.5 billion dollars, while its exports to that country were at the level of 1.3 billion dollars.

Even though Turkey exports more, its trade deficit with Portugal is higher.

Portugal’s overall exports were 78.4 billion dollars in 2023, while its imports were 109.1 billion dollars. Turkey made exports worth 256 billion dollars while realizing imports worth 362 billion dollars. Portugal had a trade deficit of 30.7 billion dollars last year, while Turkey’s deficit in this area was calculated as 106 billion dollars.

Turkey leads in growth, but has high inflation.

The Portuguese economy showed an annual growth performance of 2.3% in 2023. It reached a GDP of 255.2 billion dollars in 2023. The country’s per capita income was 21,000 dollars. Turkey’s annual growth in 2023 was realized as 4.5%. While the GDP in dollar terms was 1.1 trillion, the per capita income was at the level of 13,110 dollars. It was observed that Turkey has a GDP 4 times that of Portugal.

Portugal, with an area of 92,152 square kilometers, is 8.5 times smaller than us in terms of land size. In the latest census, Portugal’s population was measured at 10,223,997. Turkey’s population is approaching 86 million.

Looking at the inflation figures, the annual consumer price index in Portugal was announced as 3.1% in May. In Turkey, the annual inflation rose to 75.45 in May.

Portugal’s market value has exceeded 1 billion euros.

On the other hand, with investments made in football, the market value of Portugal at the national team level has exceeded 1 billion euros. Many footballers produced by the country are performing at a world-class level and achieving high transfer fees. Names like Cristiano Ronaldo, Joao Felix, and Bruno Fernandes are increasing Portugal’s value. The market value of our national football team is around 325 million euros. Names such as Arda Güler, Hakan Çalhanoğlu, and Orkun Kökçü stand out in the Turkish national team.