Türkiye's GDP to reach $1.3T by end-2024, says vice president

By Gokhan Ergocun

ISTANBUL (AA) - Türkiye's gross domestic product (GDP) is expected to top $1.3 trillion by the end of this year, and GDP per capita may reach over $15,000, the vice president said on Friday.

Speaking at a business forum organized by the Foreign Economic Relations Board of Türkiye (DEIK), Cevdet Yilmaz said the country also foresees that by the end of fiscal year 2027-28, GDP per capita will exceed $20,000.

Türkiye entered the 100th anniversary of the republic by hitting records in production, employment, exports, and national income, he said.

"Under our governments, Türkiye achieved an average annual growth rate of 5.4%, while the world average was 3.6%, a growth performance well above the world average," he said, referring to governments of the Justice and Development (AK) Party, in power since late 2002.

He stressed that 20 years ago Türkiye's GPD per capita was very low but now the country boasts one of the world’s largest economies.

“We achieved this through political stability, strong and correct leadership, and effective, true, and predictable policies,” he added.

“Political stability is the foundation of economic stability. Countries with political stability and the right policies can develop rapidly."

He said by the end of this year, Türkiye's exports are expected to reach $264 billion, and the government estimates tourism revenues will reach $60 billion.

Türkiye is also in a very good position in the service sectors, and the government has implemented many reforms to attract foreign investments to the country, he said.