Alp SuleimanGrowth Partner

Real Growth Calculator

Revenue goes up every year, but is the company actually growing? Enter two years of revenue or a yearly series, and we'll separate nominal growth from real growth using official Turkish CPI and central bank exchange rates.

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Real Growth Calculator

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Start
₺
End
₺
Inflation

Measure

Annual average CPI change (TurkStat). The most consistent measure for comparing annual revenues.

Chart

Result

Real growth (inflation-adjusted): -8.3%

Real growth (inflation-adjusted)

-8.3%

2021 → 2025 · real annual rate -2.1%

You grew 420% in lira but shrank 8% in purchasing power

The revenue figure went up, but today's revenue buys less than it did in 2021: an average real decline of 2.1% a year. Did your prices lag inflation, or did volume fall? Start by separating the two.

Of your 420% nominal growth, 428 points came from inflation; the real change is -8%.

Nominal growth (TRY)

+420%

Cumulative inflation

+466.8%

US-dollar growth

+17.3%

Nominal CAGR

+51%

Real CAGR

-2.1%

Dollar CAGR

+4.1%

Nominal revenue vs. real revenue in 2021 lira

TRY 0TRY 20MTRY 40MTRY 60M20212022202320242025
Nominal revenueReal revenue (2021 lira)Starting level

In two-year mode, the years in between assume a constant nominal pace; use Yearly series for actual annual figures.

Inflation and revenue by year
YearInflationTo stand stillUSD/TRY avg.
2021—TRY 10M8.91
202272.31%TRY 17.2M16.57
202353.86%TRY 26.5M23.8
202458.51%TRY 42M32.81
202534.88%TRY 56.7M39.5

Just keeping pace with inflation would have required 2025 revenue of TRY 56.7M.

Data — Inflation measure: annual average CPI change (twelve-month averages). CPI: TurkStat (via the CBRT table). Exchange rate: annual average of the CBRT indicative USD buying rate. Coverage 2005–2025, complete years only. Last updated: October 2026.

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Results are estimates based on the values you enter, not investment or financial advice. The calculation runs in your browser and no separate request is made to send your numbers. The values you enter are written into the link in the address bar.

Formula

  • Cumulative inflation

    (1 + inflation₁) × (1 + inflation₂) × … − 1

    Each year after the start year is chained.

  • Real growth

    (End revenue ÷ Start revenue) ÷ (1 + cumulative inflation) − 1

  • Real CAGR

    (1 + real growth)^(1 ÷ number of years) − 1

  • US-dollar growth

    (End revenue ÷ end-year rate) ÷ (Start revenue ÷ start-year rate) − 1

    The rate is the annual average of the CBRT indicative USD buying rate.

How to read the result

The core question is simple: with today's revenue, can you buy more than you could in the start year? If real growth is positive, the company has genuinely grown. If it is negative, the business has shrunk in economic terms even though the revenue figure went up; salaries, rent and supplier costs outran your growth.

Because you are comparing annual revenue with annual revenue, the default measure is the annual average change in CPI: the average price level of twelve months against the previous twelve. The December-on-December change measures the year-end price level, and in years when inflation moves fast the two can differ materially. If your cost base behaves very differently from headline inflation, enter your own rate with "My own rate".

US-dollar growth answers a different question. Look at it if imported inputs, foreign-currency debt or comparison with international competitors matter to you. Real lira growth can be positive while dollar growth is negative, or the reverse; they measure different kinds of purchasing power.

If real growth is negative, separate the cause first. If your prices lagged inflation, the problem is pricing; if units, customers or orders fell, the problem is demand or channels. The yearly series mode shows the year in which the loss started.

When you use this number in an investor deck, a bank meeting or a board pack, show nominal and real growth side by side and state which inflation measure you used. To see only the CAGR of a nominal figure, switch to the CAGR Calculator.

Frequently asked questions

How do you calculate real growth?

Divide the nominal growth multiple by the cumulative inflation multiple for the same period. If revenue grew 5.2× over four years while prices rose about 5.67×, real growth is 5.2 ÷ 5.67 − 1 ≈ −8%. A company that grew 420% in lira terms actually shrank in purchasing-power terms.

Which inflation rate should I use: annual average or December-on-December?

If you are comparing annual revenues, the annual average CPI change is more consistent, because revenue accrues across the year. If you are comparing year-end balances such as cash or debt, December-on-December fits better. The calculator lets you switch between both and see the difference.

Can I use my own inflation rate instead of the official one?

Yes. With "My own rate" you can enter a single annual rate applied to every year. If your cost structure differs from headline CPI, for example mostly imported inputs or rent, this can give a more meaningful real growth figure for your company.

Can revenue grow in lira but shrink in dollars?

Yes. In years when the exchange rate rises faster than inflation, lira revenue can grow while its dollar value falls. The reverse also happens. Which one matters depends on the currency of your costs and goals.

Where does the inflation data come from and how current is it?

CPI values are TurkStat's official figures as tabulated by the Central Bank of the Republic of Türkiye (CBRT); the exchange rate is the annual average of the CBRT's daily indicative USD buying rates. Only complete years are used, and the last-updated date is shown in the data note under the results.

Let's read the story behind the numbers together.

Let's pin down which metric is really limiting your growth and which lever to pull first.

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