Gov’t determined to achieve sustainable growth: VP Yılmaz

ANKARA

The government is determined to achieve a more sustainable and balanced growth, Vice President Cevdet Yılmaz has said.

Commenting on the latest industry production data, Yılmaz reiterated the government’s commitment to the fight against inflation “with determination” in the period ahead.

The support the government provides for production, investment and exports will help achieve sustainable and balanced economic growth, he wrote on the social media platform X.

“While the favorable developments in industrial production give positive signals for GDP growth in the first quarter of 2024, they also point to a more balanced outlook in the composition of growth, focusing on production,” Yılmaz said.

Industrial production increased by 11.5 percent in February from a year ago, with manufacturing output rising 11.9 percent, showed the data from the Turkish Statistical Institute (TÜİK) reported earlier this year.

The pace of annual growth in industrial output accelerated from January’s 1.3 percent.

The country’s industrial production rose by 3.2 percent month-on-month, after advancing 0.3 percent monthly in January.

The Turkish economy grew by 4.5 percent in 2023, mostly driven by household consumption, and the size of the economy reached $1.1 trillion.

The annual GDP growth slowed from 6.1 percent in the third quarter of 2024 to 4 percent in the final quarter.

Households’ final consumption increased by 12.8 percent in 2023 from the previous year. The share of households’ consumption in GDP was 59.1 percent last year, up from 57 percent in 2022.

The government’s GDP growth targets for 2024 and 2025 are 4 percent and 4.5 percent, respectively.