Türkiye expects to see year-end inflation at around 20%, President Erdogan says

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 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.

- Defense

President Erdogan said: "We are one of the world's leading manufacturers in many sectors, including defense and aviation, white goods, automotive, and energy.

In 2002, defense and aviation exports totaled $248 million, and by 2024, Türkiye's turnover exceeded $15 billion in defense products alone, with $6.7 billion in goods exports to 180 different countries and regions, which is a source of pride, he said.

When NATO and service exports are included, Türkiye's total exports amount to $7.1 billion.

"We have succeeded in becoming one of the world's leading countries in armed and unarmed unmanned aerial vehicles (UAV)," he stressed.

Turkish companies produce two out of every three UAVs sold worldwide, and Türkiye has become a global brand in armored land vehicles, he added.

Erdogan said demand for the national fighter jet Kaan will increase in the coming years, adding: "We hope to achieve the same global success in fighter jets as we have in unmanned aerial vehicles."

- Global issues

Erdogan cited trade wars conducted through customs barriers that have further deepened the current climate of uncertainty, saying: "We are facing a process in which risks are increasing and threats are diversifying in many areas, from the economy to global politics and social balances.

"In our region in particular, we wake up to new tensions almost every day. We can all see this to some extent: establishing balance, ensuring stability, and transitioning from stormy waters to calm waters will take a little more time."

He said Türkiye is determining its roadmap, forecasts, and strategies by taking this reality into account: "We are not leaving things to chance; we are preparing for every possible scenario."