Page 11 - Turkey Outlook 2025
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Technical recession
A 0.2% quarter-on-quarter official contraction rate was also provided for 3Q24, while the 2Q24 figure was updated to a 0.2% q/q contraction from the previously stated 0.1% q/q growth.
TUIK has done the job. The Erdogan regime was able to declare a technical recession, which was demanded by the finance industry as part of the monetary tightening process.
Above 3% for 2024
In September, the Erdogan regime revised down its official GDP growth release target for 2024 to 3.5% y/y in its new medium-term economic programme (OVP) from the 4% stated in the previous programme published in September 2023.
At the end of February, TUIK will release its 4Q24 and 2024 data.
As things stand, the 2025 growth figure will also be released at about 3%.
11 Turkey Outlook 2025 www.intellinews.com
