Economy Turkey’s current account deficit shrinks in Oct

Turkey’s current account deficit shrinks in Oct

Central Bank of Turkey
Central Bank of Turkey

(AA) – Turkey’s total current account deficit during the 2014 January-October period declined by almost 40 percent year-on-year, according to data released by the Central Bank of Turkey on Thursday.

The total of amount of current account deficit in Jan.-Oct. period of 2014 dropped to $33.1 billion indicating a decrease of $19.3 billion compared to the same period the previous year, the bank said in a statement.

Turkey’s current account deficit, which was $2.3 billion in September, declined to $2.027 billion in October, official figures showed.

The October current account deficit was estimated to stand at $1.9 billion, according to The Anadolu Agency’s Growth Expectation survey.

The bank attributed the decrease in deficit to a $16.8 billion drop in the foreign trade deficit and a $2.2 billion surplus in the services sector.