Mehmet Şimşek: We will permanently increase the welfare of our citizens.

The Turkish Statistical Institute (TÜİK) has announced the first quarter growth data for the Turkish economy. The Turkish economy grew by 5.7 percent in the first quarter of 2024. Annualized national income reached 1 trillion 158 billion dollars. Minister of Treasury and Finance Mehmet Şimşek stated that the implemented policies have provided a balanced and sustainable growth to the economy.

Minister Şimşek evaluated the data with a message published through the Ministry as follows:

Annualized national income reached 1 trillion 158 billion dollars. Our economy is progressing towards a more balanced and sustainable growth with the policies we have implemented.

"INVESTMENTS INCREASED BY 10.3 PERCENT"

Our economy is progressing towards a more balanced and sustainable growth with rational, predictable, and rule-based policies. While the contribution of domestic demand to growth was 4.1 points, the contribution of net external demand turned positive after 5 quarters and reached 1.6 points. During the same period, investments increased by 10.3 percent, and machinery and equipment investments continued to grow for the eighteenth quarter. Goods and services exports grew by 4 percent.

Industrial value added increased by 4.9 percent. The annual growth of high-tech production by 21 percent in this period is encouraging for value added increase.

In the first quarter, an additional employment of 1 million 46 thousand people was provided compared to the same period of the previous year. The seasonally adjusted unemployment rate decreased to 8.7 percent, the lowest level in the last 44 quarters.

"WE FORESEE A BALANCED GROWTH IN 2024"

Indicators for the second quarter of the year indicate that the balancing in the economy continues. We foresee a balanced growth with a positive contribution from net external demand in 2024. The balanced growth composition, decreasing current account deficit, increasing confidence, improving expectations, and accelerating foreign resource inflows will significantly contribute to disinflation.

"WE ARE MOVING TOWARDS PRICE STABILITY"

In this process where we are moving towards price stability, we will continue to support value-added production and productivity increase by accelerating structural reforms and permanently increasing the welfare of our citizens.

"WE ARE PROGRESSING TOWARDS OUR GOALS WITH DETERMINED STEPS"

Minister Şimşek also included the following statements in his message published on social media:

We are progressing towards our goals with determined steps. With our rational, predictable, and rule-based policies, our economy is moving towards a more balanced and sustainable growth. The contribution of net external demand to growth turned positive with 1.6 points after 5 quarters. The seasonally adjusted unemployment rate decreased to 8.7 percent, the lowest level in the last 44 quarters. In the second half of the year, we foresee a growth with a positive contribution from net external demand along with more supportive external conditions and moderate domestic demand.

The balanced growth composition, decreasing current account deficit, increasing confidence, improving expectations, and accelerating foreign resource inflows will significantly contribute to disinflation.