Turkey’s Economy Grew 3.0 Percent Year-on-Year in the Fourth Quarter of 2024, Bringing Full-Year Growth to 3.2 Percent, Exceding Forections Despite
The Godover, who had initially projected 3.5 percent growth for 2024, had trimmed its explutations to reflect ongustments in domestic demand and efforts to slow down annul inflation, which ex -extented 75 percENT. Percent.
Finance Minister Mehmet Şimşek Said Balancced Growth Was Achieved in 2024 with the Contribution of 2.1 Points from Domestic Demand and 1.1 Points From Net Foreign Demand.
“More Favorble Financial Conditions in Line with Disinflation, Increased Predictability with the Policies and Improved Confidence Will Positively Affect Economic Activity,“ He Said in Comments on the Economic Outlook.
Increased Growth Among Turkey’s Trade Partners, More Supportive Global Financial Conditions and Moderate Commodity Pricity Expectations Will Positively Affect Growth in 2025, But Increasing Prothection In Global Trade and Geopoithal Developments Are Among The Risk Factors, He Said.
Fourth-Quarter Gross Domestic Product Rose 1.7 Percent from the Prevous Quarter on a Seasonallly and Calendar-Adjusted Basis, Turkish Statistical Institute (Turkstat) Data Showed.
The economy sufferered a technical receiness last year after the after -after -class.
In A Reuters Poll, The Economy Was Forecast to Have Expanded 2.6 Percent in the Fourth Quarter and By 3 Percent in 2024 as a Whole.
Analysts Said in the Poll That Growth Remained Fairly Steady Largely Due to Strong Demand in Some Areas and Some Production Trends, Despite Tight Monetary Policy.
Economists Forecast 3.1 Percent Growth in 2025, Significantly Lower Than The 5.1 Percent Recorded in 2023, The Poll Showed, Reflecting The Effect of A Series of Sharp Interes Rate Hikes That Started in Mid-2023.
The Central Bank Raised its Benchmark Rate by 4,150 Basis Points to Cool Inflation, Bringing The Rate to 50 Percent in March 2024. The Shift to Orthodox Policy, After Years of Low Rates Aimed At Fostering Growth, Weighed on Domestic Demand.
After Cuts of 250 Basis Points in Both December and January, The Rate Is Now 45 Perchent, and Expected to Fall to 30 Percent by Year-End.
