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Turkey's current account deficit shrinks to 2 billion USD

Xinhua, March 11, 2015 Adjust font size:

Turkey's current account deficit narrowed to 2 billion U.S. dollars in January as declining oil prices cut the value of imports sharply, Turkey's Central Bank said on Wednesday.

The expected deficit for January was 2.9 billion U.S. dollars , said the bank, adding that 2 billion U.S. dollars account gap is the lowest figure since 27 months.

The annual current-account gap fell to 42.87 billion U.S. dollars in January on annual basis from 45.85 billion U.S. dollars in the previous month, according to figures of Central Bank.

A 2.6 billion U.S. dollars drop in the foreign trade deficit and a 277 million U.S. dollars surplus in income of the services sector have led to decrease in the current account deficit, according to the bank.

"A drop in the current account deficit could be explained by declining energy prices, such as oil and natural gas, and commodity prices, such as iron and rice," semi-official Anadolu Agency quoted Emre Ozsoz, academic at the State University of New York, as saying. Endit