Finance Minister Naci Ağbal said the economic administration is aware of the country's economic slowdown and will continue to take additional measures accordingly.

Stressing that the government uses all instruments, including monetary policies, macro-prudential measures and financial policies in order to curb the economic slowdown, Ağbal said the finance ministry is working on some tax-related steps and might introduce temporary tax reductions considering the fiscal discipline. When the ministry's technical team finalizes the draft studies, they will be offered to the Cabinet. He added, "We will continue to take additional measures to lend an impetus to the economy."

During an interview with Reuters, Ağbal noted that they revised the government's official growth estimate for 2016 at 3.2 percent. Pointing to the fact that economic data for the third quarter was not satisfactory, the minister said the government is trying to accelerate the growth through measures such as steps taken in the banking sector, loan system, personal credit cards and the reduction of value-added tax in purchases of 150 square meters or larger houses to 8 percent from 18 percent.

Industrial production, one of the most important leading indicators of growth, shrank by 3.2 percent in the third quarter due to the missing workdays and economic slowdown. Following this data, the possibility of economic shrinkage in this period increased.