Turkish Treasury and Finance Minister Mehmet Şimşek announced that the government will soon unveil its Medium-Term Program (MTP) for the period 2025-2027, emphasizing the administration's commitment to reinforcing confidence and stability in the economy.

In a statement on his social media account, Şimşek commented on the growth figures for the second quarter of 2024, which were recently released by the Turkish Statistical Institute (TurkStat).

He highlighted that the Turkish economy grew by 2.5 percent annually in the second quarter, bringing the annual growth rate for the first half of the year to 3.8 percent. As a result, Turkey’s annualized national income has surpassed $1.2 trillion as of the second quarter.

Şimşek noted that the industrial sector, which constitutes 23 percent of Türkiye's economy, contracted during the quarter, while all other sectors continued to experience growth. He attributed the decline in industrial activity to calendar effects and bridge days, which impacted economic performance during the period.

"The economy continued to rebalance, with the contribution of domestic demand to growth declining to 1.2 points, while the positive contribution of net foreign demand was 1.3 points," Şimşek stated. He also mentioned that the unemployment rate remained stable at 8.8 percent in the second quarter, with employment increasing by 1.2 million people compared to the same period last year and by 205,000 people compared to the previous quarter.

Looking ahead, Şimşek pointed to leading indicators suggesting that the trend of balanced growth is likely to continue into the third quarter. He emphasized that the government envisions a growth model where domestic demand plays a reduced role in driving economic expansion.

"We will soon share our Medium-Term Program with the public. We will continue to take decisive steps to consolidate the improving environment of confidence and stability and to achieve our program targets," Şimşek concluded. (ILKHA)