Minister Şimşek: "We Have Made Significant Progress Towards Our Sustainable Current Account Balance Goal"

The Minister of Treasury and Finance, Mehmet Şimşek, evaluated the progress made towards the sustainable current account balance target. Şimşek stated that in September, the foreign trade balance improved by $35 billion compared to the same period last year. This improvement highlights the positive effects of the policies implemented in foreign trade. Turkey's efforts to reduce its foreign trade deficit are supported by increases in exports. Minister Şimşek emphasized the contribution of this development to economic growth.

Visitor numbers and tourism revenues increased Minister Şimşek announced, "In the first three quarters, the number of visitors increased by 8.3% year-on-year to 48.3 million, while tourism revenue reached $46.9 billion with a 6.6% annual increase." The data showcases the momentum the tourism sector in Turkey has gained. The rise in tourism revenues is directly related to the increase in the number of visitors to the country. The impact of policies that strengthen Turkey's position as a tourist attraction is also reflected in economic tables. The continuation of this trend highlights Turkey's potential to increase its tourism-based revenues.

Target for reduction in current account deficit Şimşek emphasized that they expect the ratio of the annual current account deficit to national income to improve by 3.4 points in the third quarter, falling below 1% compared to the same period last year, expressing his positive expectations regarding the current account deficit. This improvement supports Turkey's efforts to reduce its dependence on external resources. Reducing the current account deficit is crucial for ensuring economic stability in the country. Minister Şimşek noted that the positive effects of the policies pursued in this direction are becoming increasingly evident.

Sustainable current account deficit target Minister of Treasury and Finance Şimşek stated, "With our policies that will accelerate green and digital transformation, focus on high value-added production, and reduce energy dependency, we will make sustainable current account deficits permanent in line with our program targets." The policies indicated by Şimşek are vital for strengthening Turkey's economic infrastructure and enhancing its competitiveness. Accelerating green and digital transformation efforts will contribute to the economy becoming aligned with environmental and technological developments. Reducing energy dependence aims to create a more independent economic structure by protecting the country from external influences.