Türkiye aims 4.5% GDP growth on average in 2024-2026

By Tuba Ongun and Gokhan Ergocun

ISTANBUL (AA) - The Turkish government aims a 4.5% gross domestic product growth rate on average in three years to 2026, according to the government's medium-term economic program revealed on Wednesday.

Unveiling the program, Vice President Cevdet Yilmaz said the Turkish economy is projected to grow 4% next year, 4.5% in 2025, and 5% in 2026.

In 2022, Türkiye's economy grew 5.5% year-on-year, according to revised data.

Türkiye's year-end inflation rate is expected to come in at 65% this year, 33% next year, 15.2% in 2025, and 8.5% in 2026, Yilmaz said.

According to the latest data by the country's statistical authority, Türkiye's annual inflation reached 58.94% in August.

The country's exports are foreseen to hit $255 billion in 2023 and hike to $302.2 billion in 2026, Yilmaz added.

Türkiye is forecast to generate tourism income of $55.6 billion this year and $71.3 billion in 2026, he also said.

Türkiye's current account deficit to GDP ratio is expected to fall to 4% in 2023 from 5.3% in 2022, and to 2.3% in 2026, the vice president said.