Evaluating the growth data, Vice President Cevdet Yılmaz stated that the fight against inflation is the main priority and that the results obtained on a monthly basis will bring significant decreases on an annual basis in the second half of the year.
Vice President Cevdet Yılmaz, on his social media account, evaluated the growth data for the first quarter of the year announced by the Turkish Statistical Institute (TurkStat).
Reminding that the Turkish economy grew by 5.7 percent in the first quarter of 2024 compared to the same period of the previous year and 2.4 percent compared to the previous quarter, Yılmaz stated that as of the first quarter of 2024, the annualized national income rose to a new historical peak of 1 trillion 158 billion dollars.
Yılmaz emphasized that Turkey has maintained its growth performance uninterruptedly for 15 quarters in an environment of political stability and confidence, where predictability in the economy is ensured.
Pointing out that the economy maintained its strong performance despite the earthquake disaster, the course of global economic demand below historical averages and geopolitical negativities, Yılmaz stated that they are working for the Turkish Century with determined policies under the leadership of President Recep Tayyip Erdoğan in an environment where political uncertainties have decreased, political stability and confidence have been ensured.
Yılmaz noted that all agriculture, industry and services sectors showed positive growth in the first quarter of 2024, and that the increase in value added in this period was 4.6 percent in agriculture, 4.9 percent in industry, 11.1 percent in construction and 4.8 percent in services excluding construction compared to the same period of the previous year.
‘We will continue to implement our Medium Term Program with determination’
Yılmaz stated that the high increase of 10.3 percent in fixed capital investments compared to the same period of the previous year and the slowdown in the rate of increase in consumption expenditures show that growth is progressing on a path with a healthier composition and in line with disinflation approaches.
Stating that the strong increase in machinery and equipment investments, a sub-item of fixed capital investments, continued and increased by 11.9 percent in the first quarter of 2024, carrying its uninterrupted growth to the 18th quarter, Yılmaz underlined that the contribution of net exports to growth turned positive after 5 quarters.
‘There will be a decline in the second half of the year’
Cevdet Yılmaz stated the following: “As our economy continues to grow, the share of labor in national income continues to increase. In the first quarter of 2024, compared to the same period of the previous year, the share of labor payments in national income increased from 33.8 percent to 37 percent, and its share in gross value added increased from 37.8 percent to 42 percent. We are in a period of declining current account deficit, increasing reserves and improving risk indicators. The results we have achieved on a monthly basis in the fight against inflation, which is our main priority, will bring significant declines on an annual basis in the second half of the year. Unemployment remains at single-digit levels. We will continue to implement our Medium Term Program with determination for balanced and inclusive growth and permanent welfare increase in stability.”
