Türkiye has unveiled its proposed budget for 2027, amounting to approximately 27.28 trillion Turkish lira ($550.8 billion), with a strong focus on reducing inflation, boosting housing investments, and fostering economic growth. Vice President Cevdet Yılmaz announced that the budget is designed to enhance economic resilience by supporting investments and improving living standards amid global economic challenges, and it is set to be submitted to Parliament for approval.
The government anticipates a 4.2% growth in Türkiye’s economy for 2027, an increase from the projected 3.3% in 2026. This growth trajectory is expected to continue, reaching 5% by 2029, driven by improvements in productivity, technological advancements, and investments. Employment is projected to rise by 657,000 jobs in 2027, with the unemployment rate expected to decrease to 8%. Additionally, the government aims to lower annual inflation to 21% by the end of 2027, a reduction from the projected 28.4% at the close of 2026. Yılmaz emphasized the importance of price stability and highlighted social housing and food supply initiatives as key measures to alleviate inflationary pressures.
The budget also forecasts 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 are made to bolster exports and reduce reliance on imported energy. The government is also committed to enhancing energy security and promoting sustainable economic expansion through investments and structural reforms.
Overall, the proposed budget reflects Türkiye’s strategic priorities in economic management and development, aiming to create a more stable and prosperous economic environment in the coming years.