Turkey's Economic Growth Continues

Economic Stability and Sustainable Growth

The Minister of Trade of Turkey, Ömer Bolat, announced that Turkey's economy has continued to grow and increase production for 18 consecutive quarters while maintaining stability. Additionally, the unemployment rate has remained in single digits for 21 consecutive months, and exports, as the driving force of the economy, have increased.

Analysis of Economic Growth Data

According to the published report, Turkey's economy continued to grow even during the COVID-19 pandemic. The economic growth rates in recent years have been as follows:

2020: 1.9%
2021: 11.4%
2022: 5.5%
2023: 5.1%
2024: 3.2%

Growth in Gross Domestic Product

According to Bolat, Gross Domestic Product (GDP) reached $906 billion in 2022, and in 2023, it increased by 24.8% to $1.130 trillion. In 2024, it set a new record, reaching $1.322 trillion with a 17% growth.

New Record in Per Capita Income

Per capita income has also followed an upward trend over the years:

2022: $10,659 (Increase of 11%)
2023: $13,243 (Increase of 24.2%)
2024: $15,463 (Increase of 16.8%)

Increase in Exports and Decrease in Imports

In 2024, exports of goods and services increased by 0.9%, while imports decreased by 4.1%. The Minister of Trade explained that 1.1 percentage points of Turkey's economic growth in 2024 came from net exports.

"While the impact of exports on economic growth was negative at -3.1% in 2023, it turned positive at 1.1% in 2024." - Ömer Bolat

Creation of New Job Opportunities

Bolat, in another part of his speech, referred to employment growth, stating that in January 2024, 501,000 new jobs were created, and the unemployment rate fell to 8.4%, the lowest level since 2013.

Future Economic Policies

The Minister of Trade of Turkey emphasized that the government will continue to implement sustainable economic policies to support producers and increase Turkey's share in global markets. According to him: