Erdogan: Türkiye Expects to See Year-End Inflation at Around 20%

Turkish President Recep Tayyip Erdogan said on Monday that 2024 was a year of significant achievements for Türkiye, citing export volumes from the previous year during his speech at an event organized by the Turkish Exporters Association (TIM).

According to TIM's statement, the top 10 exporters in 2024 were automotive firms Ford, Toyota, Türkiye Petrol Rafinerileri, Kibar Dis Ticaret, Star Rafineri, TGS Dis Ticaret, Oyak-Renault, Vestel, Arcelik, and Baykar, The Caspian Post reports, citing Turkish media.

The Turkish economy grew by 3.2% in 2024 as a result of the country's growth strategy, which focused on investment, employment, production, and exports, and the momentum will continue in 2025, President Erdogan stressed.

The Turkish economy grew by 2% in the first quarter of 2025 compared to the previous year, marking the country's 19th consecutive quarter of uninterrupted growth, he recalled.

He thanked the medium-term economic program for increasing the country's structural resilience by reducing its reliance on external sources, as well as minimizing Türkiye's vulnerabilities.

Despite the numerous shocks experienced over the last three months, the program remained unshaken, demonstrating resilience and renewed confidence, he underlined.

He noted that Türkiye's reserves have begun to rise again since the beginning of May.

He said Türkiye's risk premium is falling, while confidence in the Turkish lira is increasing.

Noting that 2024 was a record year for exports, Erdogan said: "We broke a record with $262 billion in exports in 2024. We increased our global export share to 1.07%."

"Last year, the number of companies with exports of $1 billion or more rose to 18, while those with exports of $100 million or more increased to 302."

He said the country will continue to grow at the same rate in 2025, with exports reaching $24.8 billion in May, a 2.7% increase over the same month last year and the republic's highest monthly export ever.