Mehmet Şimşek announces his assessment of Turkey's Q3 economic growth data

Treasury and Finance Minister Mehmet Şimşek evaluated Turkey's third-quarter economic growth data on his social media account.

Stating that they have seen the positive effects of the implemented disinflation program on financial markets, Şimşek said, "Investor confidence has increased. Our country's risk premium has fallen. International capital inflows have begun, our reserves have strengthened, and exchange rate volatility has decreased."

Noting that the economy is moving towards a more balanced growth composition in line with the program, Şimşek pointed out that investment and exports have increased compared to the previous quarter.

Key highlights from Şimşek's statements are as follows:

Compared to the first half of the year, the contribution of domestic demand to growth fell from 8.8 points to 7.3 points, while the negative contribution of net external demand dropped from 4.9 points to 2.6 points. While private consumption contracted compared to the previous quarter, investment and exports showed an increase.

As a result of the policies we have implemented for rebalancing, an improvement of 8.6 billion dollars was achieved in the current account deficit in September compared to May.

Foreign trade data for October and November indicate that the improvement in the current account deficit will continue.

Treasury and Finance Minister Mr. Mehmet Şimşek's
Assessment of 2023 Q3 GDP Growth | November 30, 2023 pic.twitter.com/paAlaVE08t

— Republic of Türkiye Ministry of Treasury and Finance (@HMBakanligi) November 30, 2023

News Source: 12punto