Economy of Turkey

The Turkish economy is expected to grow 5.3 percent on average between 2023-25, according to the government's medium-term program.

The economy will expand 5 percent this year and next and the growth rate is forecast to accelerate to 5.5 percent in 2024 and 2025, said the program, which was unveiled on Sept. 4.

Türkiye's economic model helps limit the effects of the volatility in exchange rate, Treasury and Finance Minister Nureddin Nebati has said.

The Türkiye Economic Model supports exports by adopting the value-added production approach, he added.

"With this mode, the impacts of exchange rate volatility, which is occasionally experienced, is limited," Nebati wrote on Twitter.

Goldman Sachs has revised upwards its growth forecast for the Turkish economy for 2022 after official data showed earlier this week that the economy expanded 7.6 percent in the second quarter.

The investment bank raised its forecast from a previous 3.5 percent to 5.5 percent.

Türkiye will release some key data this week, including GDP growth, foreign trade and the economic confidence index.

The Turkish Statistical Institute (TÜİK) will announce the growth figures for the second quarter on Aug. 31. The Turkish economy expanded 7.3 percent in January-March this year.

The economic growth rate is expected to be above 7.3 percent in the second quarter of 2022, Treasury and Finance Minister Nureddin Nebati has expressed.

"The economy grew by 7.3 percent in the first quarter. We are expecting a growth rate above that in the second quarter," Nebati said in an interview with private broadcaster NTV on Aug. 23.

The photographs of the recent cordial meeting between Turkish President Recep Tayyip Erdogan and Vladimir Putin in Sochi reveal in themselves that there is a high level of understanding between the two autocrats.

The net income of Aselsan, Türkiye's largest defense company, increased by 50 percent in January-June from a year ago to 3.8 billion Turkish Liras.

Revenues rose by 55 percent year-on-year in the first half to 10.84 billion liras, with the net profit margin declining slightly from 36 to 35 percent.

Turkish Airlines has posted a net income of $737 million in the first half of 2022 with revenues in the second quarter exceeding the levels in 2019.

In the first half of 2019, the carrier reported a net loss of $203 million.

Türkiye is a big growth boom waiting to happen, said Robin Brooks, chief economist at the Institute of International Finance (IIF).

Treasury and Finance Minister Nureddin Nebati has stated that public finance continues to be one of the strongest elements of the Turkish economy despite all the negative developments in the world, and that the government has never and will never compromise on fiscal discipline.