The Turkish government revised on Thursday expectations for inflation and growth while unveiling an updated medium-term program in the capital Ankara.
“Last year’s growth realized at 5.1%, according to revised data of TurkStat. Due to geopolitical risks in the region, we revised this year’s growth expectation to 3.5% from the 4% we announced last year,” Vice President Cevdet Yılmaz said.
He also announced they expected the economy to grow 4% in 2025 and 4.5% in 2026, slightly lowering it from last year’s expectations of 4.5% and 5.0%.
Unveiling the details of the government’s policy road map for the next three years, Yılmaz said Türkiye expects the disinflation process that began in June to continue in September and beyond.
He said the fall in annual inflation to 52% in August showed the disinflation process had started to take effect.
“We expect this trend to continue in September and beyond,” he added.
The government revised inflation expectations to 41.5% for this year and 17.5% for 2025 and 9.7% in 2026, Yılmaz said. Inflation is expected to fall to 7% in 2027.
Yılmaz noted the main goal of the medium-term program is to gradually decrease inflation to single digits, increasing growth, investment, employment, production and exports, and distributing income fairly to all segments of society.
