Turkish economy to surpass $1.3T GDP by end of 2024: Trade Minister

Trade Minister Omer Bolat announced that Türkiye is on track to achieve a gross domestic product (GDP) of $1.3 trillion by the end of the year. The milestone will be officially confirmed with the Turkish Statistical Institute’s (TurkStat) data release, scheduled for March 2025.

Speaking at the “Gebze Business Community Consultation Meeting” in Kocaeli on Friday, Bolat stated that growth was progressing well with the contribution of foreign trade. He emphasized that positive results had been achieved in economic growth, employment, and reducing unemployment.

Bolat noted that Türkiye would continue to grow and strengthen alongside its citizens and businesses, pointing out that the GDP for the first nine months of the year had already reached $1.26 trillion.

Improvements in current account deficit

Bolat addressed Türkiye’s economic performance, highlighting the central bank’s recent 2.5-point policy rate cut and Eximbank’s capital increase from ₺13.8 billion ($393.09 million) to ₺55.3 billion over 18 months.

“This year, we achieved growth in both goods and services exports while making remarkable improvements in the current account deficit and narrowing the trade deficit,” Bolat said.

Bolat reaffirmed the government’s commitment to economic stability amid global challenges, including the COVID-19 pandemic, the Russia-Ukraine war, and the Feb. 6 earthquakes.

“Under President Recep Tayyip Erdogan’s leadership, we work tirelessly to grow Türkiye’s economy and improve citizens’ purchasing power,” Bolat said.

The event concluded with a closed-door session where business leaders had the opportunity to pose questions to the minister.