Trkiye continues to sustain uninterrupted economic growth, Vice President Cevdet Yilmaz said during the 2nd Azerbaijan-Trkiye Investment Forum, Azernews reports.
Speaking at the forum, Yilmaz noted that Trkiye’s economy recorded 3.7% growth in the first nine months of this year, with data for the third quarter already available. He acknowledged that the agricultural sector experienced a challenging year due to frost and drought, which is expected to result in a contraction of around 6%. However, despite these setbacks, overall economic growth has remained resilient.
Yilmaz emphasised that Trkiye’s gross domestic product, which stood at $238 billion in 2002 when the AK Party came to power, is expected to exceed $1.5 trillion this year, in line with international forecasts. He added that GDP per capita is projected to surpass $17,000 and approach $18,000.
According to the World Bank’s classification, Trkiye is expected to enter the high-income countries group for the first time this year, Yilmaz said. He recalled that over the past 23 years, Trkiye progressed from a lower-middle-income to an upper-middle-income economy, and current trends indicate a transition to the high-income category.
Citing International Monetary Fund (IMF) projections, Yilmaz stated that Trkiye is expected to become the world’s 16th-largest economy in nominal terms this year, while ranking 11th globally in purchasing power parity.
The Vice President also highlighted Trkiye’s strong performance in exports despite global economic uncertainties, rising protectionism, and ongoing geopolitical tensions in the region. According to annualised figures, Trkiye’s goods exports have reached nearly $271 billion.
He expressed appreciation to the Minister of Trade, the business community, and exporters for their contributions. In addition to goods exports, Yilmaz pointed to Trkiye’s growing potential in services exports, particularly in tourism, transportation, and finance. Latest figures indicate that services exports have approached $122 billion.
Combined, Trkiye’s total goods and services exports are nearing $393 billion, a figure that Yilmaz said clearly demonstrates the strength and resilience of the Turkish economy.