Turkey's Nov. 2014 current account deficit estimated at $5.2 bn
ANKARA - Anadolu AgencyTurkey's current account deficit for November 2014 is expected to stand at $5.2 billion, nearly $1 billion higher than a year earlier, a group of leading economists said Jan. 9.
A panel of 16 experts surveyed by The Anadolu Agency forecast that the November 2013 deficit of $4.21 billion would have risen to $5.2 billion in November 2014.
Based on their average predictions, the year-end current account deficit is forecast to shrink to $44.8 billion. Turkey's central bank will release the official figures on Jan. 13.
Meanwhile, 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 the Republic of Turkey on Dec.11, 2014.
The total amount of current account deficit in the Jan.-Oct. 2014 period dropped to $33.1 billion, indicating a decrease of $19.3 billion compared to the same period a year earlier.
The bank said a $16.8 billion drop in the foreign trade deficit and a $2.2 billion surplus in the services sector in the first 10 months of 2014 contributed to the deficit's decrease.
The downward trend began in January 2014 and gained momentum after the central bank hiked interest rates in response to the U.S. dollar's rise against the Turkish lira.
Turkey's exports reached $157.6 billion in 2014, a 4-percent increase and a record high in annual exports revenue, the Turkish Exporters' Assembly said on Jan.2.
Experts say that declining oil prices have had significant positive effects on Turkey's current account deficit, as well as its inflation, which ticked up to 8.17 percent in 2014.
The country spent nearly $56 billion on energy imports in 2013. Oil, natural gas and coal imports meet 70 percent of Turkey's energy needs.
2014's figures for energy imports are expected to be lower than the previous year amid lower oil prices.
The 2013 figure for the deficit was $65 billion, which is 34 percent higher than 2012's $48.5 billion.
Turkey's current account deficit, which was $2.3 billion in September, declined to $2.027 billion in October.