CORRECTS - Türkiye aims 5% GDP growth in 2027

FIGURE IN 6TH PARAGRAPH CORRECTED

By Tuba Ongun

Türkiye's GDP growth aimed to accelerate to 3.5% next year, 4.5% in 2026 and 5% in 2027 thanks to economic reforms and structural adjustments, according to the government's medium-term economic program revealed on Thursday.

Unveiling the program, Vice President Cevdet Yilmaz said Turkish government projected 3.5% GDP growth this year, a 0.5 percentage point downward revision due to rising geopolitical tensions in region.

"These targets aim to ensure that the economy reaches its potential growth capacity and achieves a stable growth trend in the long term," Yilmaz said, stressing that the growth path aligns with disinflation course.

The GDP at current prices is expected to increase to 44.2 trillion liras ($1.33 trillion) this year, up from 26.5 trillion ($1.13 trillion) last year, he said.

The program targets a 83.1 trillion liras ($1.77 trillion) GDP at current prices in 2027 and a $20,420 GDP per capita at current prices, Yilmaz noted.

Stressing that the main objective of the program is to ensure price stability, Yilmaz said the consumer inflation is aimed to decrease to 17.5% in 2025.

Türkiye's new economic program forecasted inflation rate would fall down to single digits, 9.7% in 2026 and 7% in 2027, he said.

According to latest data from the TurkStat, Türkiye's annual consumer inflation rate eased to 51.97% in August, the lowest since July 2023.