Türkiye has announced its proposed budget for 2027, totaling approximately 27.28 trillion Turkish lira, equivalent to $550.8 billion. The plan emphasizes reducing inflation, boosting housing investments, and fostering economic growth. Vice President Cevdet Yılmaz highlighted the budget’s aim of enhancing economic resilience and improving living standards amid challenging global conditions, with the proposal now ready for parliamentary submission.
The government forecasts a 4.2% growth in Türkiye’s economy by 2027, up from a projected 3.3% in 2026. This growth is expected to accelerate to 5% by 2029, driven by productivity improvements, technological innovations, and increased investment. Employment is set to rise, with an estimated 657,000 new jobs in 2027, and the unemployment rate is projected to fall to 8%.
Inflation reduction remains a key objective, with a target to bring annual inflation down to 21% by the end of 2027 from an anticipated 28.4% in 2026. Yılmaz emphasized price stability as a central focus, noting that initiatives in social housing and food supply are crucial for alleviating inflationary pressures.
The budget also anticipates a deficit of 3.5% of GDP in 2027, while maintaining a primary budget surplus. The current account deficit is expected to drop below 2% of GDP next year, as efforts to bolster exports and reduce reliance on imported energy continue. The government aims to improve energy security and support sustainable economic expansion through strategic investments and structural reforms.