'Türkiye to continue to fight for single-digit inflation'

ISTANBUL

Türkiye's fight against inflation will continue until it reaches single-digit levels, the country’s Turkish treasury and finance minister said on Wednesday.

Speaking at the opening ceremony of the Independent Industrialists and Businessmen Association (MUSIAD) Expo in Istanbul, Nureddin Nebati said global developments, currency issues, and high inflation expectations have had a negative impact on inflation.

The country's annual inflation rate in September was at 83.45%.

Telling how the Turkish economy grew 7.5% in the first half of 2022, he said: "Our economy has seen positive growth for eight quarters, and machinery investments have increased for 11 quarters, continuing to increase uninterruptedly, which clearly shows that our growth is built on a healthy foundation."

The country's employment figures also topped the pre-pandemic level to reach 31 million, a historic high, he said.

On the tourism sector, he said the country's tourism revenue target rose from $35 billion to $44 billion despite the repercussions of the Russia-Ukraine war.

Mehmet Mus, the Turkish trade minister, said the country's services exports in the first eight months of this year rose 66% to $52.5 billion.

"Hopefully, the threshold of $100 billion will be exceeded in a very short time," he added.

The country's overall exports jumped 33% last year to $225.2 billion, crossing the $200 billion threshold for the first time, he said.

The four-day expo, which started on Wednesday, attracted delegations from 124 countries and buyers from 50 countries.

Anadolu Agency, with a dedicated stand at the event, is the expo’s global communication partner.