Ladies and gentlemen, in our economy story full of great successes, we've once again reached a happy ending this quarter. In the second quarter of 2024, our economy grew by 2.5% annually. How did it grow? No one saw it, but that's what the numbers say! In the first half, we recorded a growth of 3.8%, which means, we've done it!
Our national income has surpassed 1.2 trillion dollars as of the second quarter. But don’t worry, you can still keep writing things on credit! The calendar, bridge days, and other factors led to a contraction in the industrial sector, but all sectors outside of industry continue to grow. Everything outside of industry has grown, just like that, wonderful!
We're trying to maintain balance in the economy, and hey, we’re managing it. The contribution of domestic demand to growth has dropped to 1.2 points, but luckily, foreign demand came to the rescue with a 1.3-point contribution. So, we've lost hope inside, and now we’re counting on what comes from outside.
Our unemployment rate is moving calmly at 8.8%. Employment, compared to the same period last year, has increased by 1.2 million people, and 205 thousand more people found jobs compared to the previous quarter. Where, how did they find them? We don’t know, but we congratulate them!
Leading indicators show that we'll maintain this balance in the third quarter as well. When we say “balance,” we mean we're staying still. For 2024, we expect the contribution of domestic demand to decrease further, so we’re placing our hopes on what's coming from abroad.
We don’t need to explain how we’re strengthening our economy with predictable policies in line with international norms, but let's explain anyway! The current account deficit has shrunk, risk premiums have fallen, foreign capital inflows have increased, reserves have improved, and we’ve entered a disinflation process (what’s disinflation? We didn’t fully understand it either, but we’ve entered it anyway).
Soon, we’ll announce our 2025-27 Medium Term Program. We’ll talk about confidence, stability, and we’ll keep taking steps with determination to achieve the program's goals. With each step, we look toward the next year with even more hope.
In conclusion, our goal is sustainable growth and lasting price stability. Value-added production, employment, investment, export... All of these are under our control! But remember, writing things on credit is always allowed!
Best regards,
The IOU Ministry
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