Statement from Cevdet Yılmaz on S&P's upgrade of Turkey's credit rating

Vice President Cevdet Yılmaz stated in a post on his social media account that positive results continue to be achieved from policies implemented within the framework of the Medium-Term Program in an environment of political stability and confidence.

Noting that the positive outlook in foreign trade figures has had a positive impact on the current account deficit, Yılmaz emphasized that investor confidence in the Turkish economy has increased due to the improvement in macroeconomic indicators.

Pointing out that macroeconomic indicators are also improving rapidly thanks to the program they are determinedly implementing to ensure price stability, Yılmaz continued as follows:

"With the continuation of the disinflation process, the persistence of the positive outlook in the current account deficit, and the strengthening of our reserves, Turkey's credit rating has been upgraded by S&P for the second time this year. The three major credit rating agencies have demonstrated their confidence in our program with two-notch upgrades within a year. In the coming period, we expect the balanced growth composition, the decreasing current account deficit, increasing confidence in the economy, improving expectations, and accelerating foreign capital inflows to make a significant contribution to the decline in inflation."

"HIGHEST OCTOBER VALUE IN EXPORTS"

Yılmaz also reported that exports in October increased by 3.6 percent annually to 23.6 billion dollars, achieving the highest October value of all time in exports.

Sharing the information that annualized exports rose to the level of 262.3 billion dollars as of October, Yılmaz noted that the upward momentum in exports and the continuing downward trend in imports have reflected positively on the foreign trade deficit.

Yılmaz made the following assessments:

"The improvement in the foreign trade deficit in the first 10 months of 2024 is at the level of 30.4 percent annually. The annualized foreign trade deficit has declined to 77.7 billion dollars as of October 2024. Along with foreign trade indicators, the gains we have achieved in the tourism sector also support the disinflation process. With the developments recorded in line with the goal of diversifying tourism and spreading it over 12 months, tourism revenue increased by 6.6 percent annually in the first 9 months of the year, and as of the third quarter, annualized tourism revenue reached 58.8 billion dollars."

News Source: AA