Economy of Thailand

The government is determined to achieve a more sustainable and balanced growth, Vice President Cevdet Yılmaz has said.

Commenting on the latest industry production data, Yılmaz reiterated the government's commitment to the fight against inflation "with determination" in the period ahead.

The annual increase in industrial production picked up sharply from 1.3 percent in January to 11.5 percent in February, data from the Turkish Statistical Institute (TÜİK) have shown.

In the same month of last year, the country's industrial output slumped 8.8 percent year-on-year.

Japan has slipped to the world's fourth-largest economy, as government data released Thursday showed it fell behind Germany's in 2023.

The numbers highlight how the Japanese economy has gradually lost its competitiveness and productivity while the population shrinks as Japanese people age and have fewer children, analysts say.

Exports from 45 of Türkiye's 81 provinces increased in January compared to the same month of the previous year, the Trade Ministry has said.

The value of the retail trade turnover in Cyprus last year recorded a substantial increase of 8.9%, while the volume of retail trade turnover saw growth of 5.8%.

The International Monetary Fund (IMF) has lifted its economic growth forecast for the Turkish economy for 2024 from a previous 3 percent to 3.1 percent.

In its updated World Economic Outlook report released on Jan. 20, the IMF kept its 2025 forecast for Türkiye unchanged at 3 percent.

The retail sales volume at constant prices rose by 12.8 percent in November from a year ago, with the pace of year-on-year increase slowing from 13.4 percent in the previous month, according to the official data.

The Turkish construction sector may grow about 4.5 to 5 percent this year, according to the Association of Construction Material Producers (İMSAD).

The construction sector's growth rate remained above the GDP expansion in the past four quarters, the association said in its monthly report.

Turkish economy grew by a more-than-expected 5.9 percent in the third quarter of 2023 from a year earlier, with GDP growth accelerating from 3.9 percent in the three months to June, data from the Turkish Statistical Institute (TÜİK) have shown.

Since the foundation of the republic a century ago, Türkiye's economy has been transformed from an agrarian to a modern and industrial one, becoming a regional powerhouse.

The per capita income was only $45 at current prices in 1923, rising to $65 in 1927 when the country's population was 13.6 million.