Newsletters & Press

The September back-to-school period was particularly dynamic in the Turkish economic landscape. Türkiye's economy posted notable growth of 2.5% in Q2 2024, driven by sectors such as construction (+6.5%), agriculture (+3.7%), and ICT (+3.4%). The GDP now stands at 9,949 billion TRY, or 308 billion USD. This performance, however, is contrasted by a 1.8% contraction in the industrial sector.

On the monetary front, the Central Bank of Türkiye’s Monetary Policy Committee maintained its key interest rate at 50% for the sixth consecutive month. Although inflation dropped by 10% in August, it remains high, standing at 52%, prompting the Bank to maintain a strict policy.

Meanwhile, Fitch Ratings has once again upgraded Türkiye’s sovereign rating, raising it from B+ to BB-, highlighting the stabilization of external reserves and increased monetary discipline. This upgrade is the second in six months, boosting international investors' confidence in the country’s financial solidity. Türkiye also received credit rating upgrades from S&P Global Ratings and Moody’s this year.

To support this momentum, the government unveiled an ambitious growth plan for 2025-2027. This program aims for GDP growth to accelerate to 5% by 2027, through economic reforms and structural adjustments. These measures are accompanied by a target to reduce inflation to 17.5% by 2025 and bring it below 10% by 2026.

Türkiye is gearing up to face major economic challenges while strengthening its competitiveness through structural reforms and strict monetary discipline. This environment is attracting growing investor interest, as evidenced by the numerous investment decisions made in recent weeks.