ISTANBUL

Türkiye's economy is estimated to expand 3.3% this year and 3.8% in 2026 amid global uncertainties and moderate global growth outlook, the country's vice president said on Thursday.

"Our economy grew by 3.3% in 2024 and we anticipate that it will grow by 3.3% again in 2025," Cevdet Yilmaz told a press conference in Ankara.

He emphasized that due to global uncertainties and the moderate global growth outlook, the Turkish economy is expected to grow by 3.8% in 2026.

Türkiye's gross domestic product (GDP) is expected to rise to 62.2 trillion Turkish liras ($1.48 trillion) in 2025, before hitting $1.84 trillion next year, Yilmaz said.

He said Türkiye's medium-term economic program aims to strengthen financial stability, reduce fiscal discipline and inflation to single digits permanently, and ensure price stability.

"The unemployment rate is estimated to fall to 8.5% in 2025, and to 8.4% in 2026," Yilmaz said.

Also touching on the record-breaking export trend of Türkiye, Yilmaz said they anticipate achieving their export target of $282 billion by maintaining the uninterrupted increase in exports for 2026.

He added that they predict that budget expenditures will be $451.5 billion and budget revenues will be $387 billion in 2026.

The defense expenditures are projected to be $28.6 billion in 2026.