Official data showed today, Friday, that the Turkish economy grew by 3.2% during the past year, and grew by 3% on an annual basis in the last quarter of last year, beyond expectations.
The data of the Turkish Statistical Institute revealed the increase in GDP in the last quarter of 1.7% compared to the previous quarter on the basis of modification in light of seasonal factors and evaluation.
According to the data, the growth in the third quarter was modified by raising to 2.2% from 2.1%.
The per capita of GDP was 507 thousand and 615 Turkish liras (15,463 dollars) at the current prices in 2024.
Economists expected the economy to grow by 3.12% during the year 2024.
To the ranks of trillion dollars
And last Sunday, Turkish President Recep Tayyip Erdogan said that successive governments of the “Justice and Development” party in the rule of the country since 2002 have risen to Turkey to the ranks of trillion dollars. This came in a speech during his participation in the eighth general conference of the “Justice and Development” party in Ankara.
In his speech, the Turkish president enumerated the economic achievements that his country achieved during the 22 years of the party’s rule of the country, the most prominent of which was:
- The national income increased in dollars 6 times by enhancing investment, production and export, and Türkiye has risen to the ranks of trillion dollars.
- The per capita income in Türkiye rose to 13 thousand and 243 dollars by the end of 2023, and this number will exceed 15 thousand dollars when the data of 2024 is announced.
- The decrease in inflation is expected to continue, and therefore purchasing power will increase and 85 million people are witnessing the positive impact of this.
- The reserves of the Turkish Central Bank exceeded 173 billion dollars and amounted to the highest level of the republic.
- Türkiye is on the threshold of a major economic leap, and the developments of the region would pave and speed up the pace of this jump.
- Türkiye has become the first in the world in the production of drones and 11th in the exports of defense industries.
- Türkiye’s share of the global economy increased from 0.7% to 1.1%.
- Industrial products with added value increased from 95 billion dollars to 320 billion.
- Türkiye in 2023 became the fourth largest economy in Europe and 11 globally, given purchasing power.
- The Justice and Development Party governments have strengthened the strength of Türkiye in many sectors, the most important of which are defense industries, the auto industry, agriculture and tourism.
- Türkiye rose to fourth place in Europe and the fifth in the world in tourism. Last year, the country hosted more than 62 million tourists and we achieved more than 61 billion dollars in tourism revenues.
- Türkiye has achieved a great achievement in attracting foreign investments and has been able to attract investments of $ 15.1 billion until 2002. During the past 22 years, this number exceeded 272 billion dollars.
And at the end of last year, Erdogan had confirmed that the minimum wage increases will continue to outperform inflation rates during the year 2025, with the aim of protecting the purchasing power of workers in light of the continued inflationary pressures.
Ankara hopes that “deliberate” wages will be in line with the central bank’s expectations that indicate a decrease in inflation to 21% by the end of 2025.
The minimum wage increased in 2023 by a large rate of 107%, exceeding the annual inflation rate of 65% at the time.
In 2024 wages increased by 49%, which exceeds the rate of inflation recorded during the year, which reached 44.38%.
