Vice President Yilmaz: Turkey's Macro Fundamentals Strong, Targets $1.8T GDP

Vice President Cevdet Yilmaz attended the opening of the 21st MUSIAD EXPO International Trade Fair and the 29th International Business Forum at the Istanbul Expo Center on September 23. Trade Deputy Minister Ozgur Volkan Agir, Istanbul Governor Davut Gul, and MUSIAD Chairman Burhan Ozdemir also participated in the event, which runs until September 26 and hosts representatives from over 20 sectors.

Yilmaz stated that Turkey's economy displays a more positive outlook compared to other regions despite adverse global developments. He noted that national income, which stood at $239 billion in 2002, exceeded $1.6 trillion in 2025. Annualized national income surpassed $1.7 trillion in the first half of 2026 and is expected to exceed $1.8 trillion by year-end.

“Despite adverse developments in the global conjuncture, the Turkish economy is displaying a more positive outlook compared to other countries and regions with its production capacity and export power.”

Per capita income rose from $3,600 in 2002 to over $18,000 in 2025, with a year-end target of around $20,000. Yilmaz warned that global uncertainty and geopolitical tensions are extending delivery times and increasing freight and insurance costs. He added that energy price volatility adds further pressure on foreign trade through cost and uncertainty channels.

The Vice President pointed to a negative growth picture in the EU and MENA region, Turkey's main export markets, noting that both global growth and global trade are declining this year.