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President Recep Tayyip Erdogan stated that Türkiye expects to see year-end inflation fall to around 20%, marking a continued decline in price growth over the past year.
"Inflation has been falling consistently for a year. In May, annual inflation reached its lowest level in three and a half years. We expect to see inflation in the 20s by the end of the year," Erdogan said during the 32nd Ordinary General Assembly of the Turkish Exporters Assembly (TIM) and the Champions of Export Awards Ceremony held at the Halic Congress Center in Istanbul.
Erdogan emphasized the administration’s ongoing commitment to structural reforms and fiscal discipline, noting that despite the election cycle, "We maintained our stability and reform program with determination. Even if we paid the political cost ourselves, we did not impose populist policies that would burden our country and nation."
Erdogan described 2024 as a year of significant economic success for Türkiye.
"Thanks to our investment, employment, production, and export-oriented growth strategy, our economy grew by 3.2%. The momentum continues in 2025, with the first quarter showing 2% growth year-over-year," he said.
Türkiye has now recorded 19 consecutive quarters of growth with Erdogan stating: "The program increased the structural resilience of our economy, reduced dependence on external resources, and minimized vulnerabilities."
He later noted improvements in financial indicators: "Our reserves began to rise again in early May, risk premiums are falling, and confidence in the Turkish lira is increasing."
Erdogan also reported record-breaking export performance in his speech, noting: "In 2024, we reached $262 billion in exports, increasing our share in global exports to 1.07%. The number of firms exporting over $1 billion reached 18, and those exporting over $100 million reached 302."
In May 2025, exports rose 2.7% year-over-year to $24.8 billion, marking the highest monthly export figure in the history of the Republic. From January to May, goods exports reached $111 billion, with rolling annual exports at $265.5 billion.
Highlighting service exports, Erdogan stated, "Service exports rose from $14 billion in 2002 to $115.2 billion in 2024. As of April, we reached $116.5 billion on a rolling annual basis."
The share of medium- and high-tech products in exports also increased, with Erdogan adding: "In 2002, these accounted for $10 billion or 30%. In 2024, this rose to over $101 billion and 41%, reflecting a shift toward technology-intensive production."
Erdogan also noted that women’s contribution to exports has doubled with saying: "In 2024, female employees contributed $60.1 billion to exports, twice as much as in 2013. Their share rose to 23.6%."
According to May's annualized data, 32 provinces achieved exports above $1 billion.
Erdogan announced strategic goals for geographic diversification: "By 2028, we aim to increase our exports to distant countries to $50 billion and raise the share of Organization of Islamic Cooperation countries in our total exports to 30%."
Erdogan lastly acknowledged global economic challenges, stating: "We are going through a threshold period where not only cyclical fluctuations but also deep structural transformations and historically important breaks are experienced."
He noted that while the health dimension of the COVID-19 pandemic has been left behind, the damage caused by the crisis triggered by the pandemic in the global economy has not yet been fully compensated.
"We are facing a process where risks are increasing and threats are diversifying in many areas from the economy to global politics and social balances. Especially in our region, we open our eyes to a new tension almost every day," Erdogan concluded.
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