Türkiye Projects GDP to Top $1.4 Trillion in 2025

Türkiye’s national income rose from $238 billion in 2002 to $1.32 trillion in 2024, Trade Minister announced on Friday.

He expressed confidence that the figure will exceed $1.4 trillion by the end of 2025, The Caspian Post reports, citing Turkish media.

Speaking at an event in Istanbul, organized by the Foreign Economic Relations Board of Türkiye (DEIK), Omer Bolat said the Turkish economy has grown at an average annual rate of 5.3% over the past 22 years since the ruling Justice and Development (AK) Party took office.

"Our country has been among the fastest-growing economies in the world over the past 10 years," he said.

Bolat noted that merchandise exports, which were $36 billion in 2002, had risen to $262 billion last year, adding: “Our growth rate continued in the first seven months of this year, closing at $156.4 billion with a 5.2% increase.

"Thus, we added a total of $7.6 billion in value to the Turkish economy in just seven months."

Bolat stressed that Türkiye's global export share has increased to 1.07%, with exports of $37.5 billion in automotive, $32 billion in textiles and clothing, $35 billion in chemicals and energy, and $32.5 billion in agricultural products.

"In July, we surpassed the $25 billion mark for the first time. On March 28, we achieved a record export figure exceeding $2 billion per day," he said, adding: "As of July, our goods exports over the past 12 months reached $269.4 billion, the highest level in the history of the republic."

This strong performance in exports has become clear evidence that Türkiye is on an upward trajectory in industry, agriculture, and services, with quality, competitiveness, and advancing technology, he underlined.