Why Istanbul?

Istanbul continues to stand as the powerhouse of Türkiye's economy, maintaining its position as the country’s undisputed financial and commercial hub. According to the  Turkish Statistical Institute’s most recent data, Istanbul generated 30.4% of Türkiye's GDP in 2023, far ahead of any other city, highlighting its dominant role in national economic activity (TÜİK, 2023). In nominal terms, the city’s metropolitan GDP reached approximately USD 340.4 billion in 2023, ranking Istanbul among the world’s largest metropolitan  economies. Its economic strength is not only derived from its size but  also from its diversity: industry, finance, trade, logistics, tourism,  and services all play a critical role in sustaining Istanbul’s global  competitiveness.

The city’s population, which stood at 15.7 million in 2025, fuels this economic dynamism, creating both an expansive labor market  and a massive consumer base.  With such scale, Istanbul boasts a GDP per capita of roughly USD 21,700 in 2023, a level significantly above the national average, reflecting both  higher productivity and concentrated wealth in the province (TÜİK, 2023).

A major milestone shaping Istanbul’s recent economic trajectory has been the opening of the Istanbul Financial Center (IFC) in April 2023. Designed as one of the most ambitious financial hubs in  Eurasia, the IFC is located in the Ataşehir and Ümraniye districts on  the Asian side of the city. It spans over 1.4 million square meters of office space, alongside retail facilities, a congress center, hotels, and residential areas. With capacity for approximately 100,000 employees, the center consolidates Türkiye's main financial institutions,  including the Central Bank of the Republic of Türkiye, the Banking  Regulation and Supervision Agency, and the Capital Markets Board, under a single roof (Deal-Tr, 2023). The IFC not only strengthens Istanbul’s role as Türkiye's financial  capital but also aims to increase its competitiveness against other  global finance hubs, particularly in bridging European and Asian  markets. Complementing this project, the CBRT Tower, at 352 meters tall, is set to become Istanbul’s tallest building and a new symbol of the city’s financial aspirations (Bloomberg, 2023).

Beyond finance, Istanbul’s broader trade  performance underlines its international reach. In 2024, firms operating through the Istanbul Customs and Foreign Trade Regional Directorate  accounted for approximately 34% of Türkiye’s total goods exports,  reflecting the city’s continued role as the country’s primary trade hub. Istanbul also remained Türkiye’s top exporting province, with exports  reaching around USD 56.8 billion in 2024, while imports totaled  approximately USD 78.4 billion, highlighting the city’s status as both a major supplier and consumer in global trade. The city’s diversified  economic structure—where manufacturing and services coexist—supports  this global integration, with industry continuing to play a central role in export performance. Beyond trade, Istanbul remains the backbone of  the national economy, generating approximately 29% of Türkiye’s GDP,  underscoring its critical importance to overall economic output and  fiscal sustainability.

Taken together, Istanbul’s  market and economy illustrate both resilience and ambition. With a vast  and productive population, a diversified economic structure, and new  strategic investments such as the IFC, Istanbul is not only the beating  heart of Türkiye's economy but also a city positioning itself more  aggressively on the global stage. Its performance in 2023 and 2024  confirms a trajectory of consolidation, modernization, and  internationalization, ensuring that Istanbul remains a magnet for  capital, talent, and trade across continents.