Turkey expects annual per capita income to exceed $12,000 in 2023

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Turkish Minister of Treasury and Finance Noureddine Nabatai expected that the country’s annual per capita income would exceed $10,000 in 2022, and more than $12,000 this year.

This came in a meeting held by Minister Vegetarian in Istanbul on Monday about his assessment of the past year 2022 and the goals of 2023.

Nabati explained that Turkey achieved significant success through its economic model in all macroeconomic indicators during the past year, noting that 2022 was one of the most difficult years of the century, with global inflation reaching historic levels.

He stated that starting from the middle of last year, the country’s economic administration worked to ensure the stability of exchange rates and to enhance financial stability.

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The minister stated that the government contributed to an increase in gold reserves by 129 tons during the year 2022, indicating that it recorded its highest level in 8 years.

According to the data of the World Gold Council until the end of the third quarter of the year 2022, Turkey’s reserves of the yellow metal amounted to 488.87 tons.

He added that the Turkish economy grew during the first 9 months of last year at a rate of 6.2 percent, which reinforces the expectations of international institutions for the Turkish economy.

He explained that due to the impact of high growth, the annual per capita income is expected to exceed $10,000 last year, a figure higher than the expectations of the medium-term economic program.

He continued, “We also expect that the per capita annual income will increase during the current year to more than $12,000.”

Vegetarian stressed that the country has achieved growth records by establishing a solid ground through the Turkish economic model, and that the important part of this ground is the focus on production.

He pointed out that production increased by 20 percent compared to the period that preceded the Corona pandemic, and that this increase is equivalent to 5 times the increase in production in the European Union and 7.5 times the production of the United States.

With regard to the tourism sector, Nabati stated that their expectations for the past year are to reach revenues of $46 billion from 51.5 million tourists.

The Turkish minister stated that despite all the difficult circumstances in the year 2022, the performance of the general budget was the best during the past twenty years.