ANKARA
Turkey's current account deficit decreased by $16.5 billion to $26.7 billion, from the period January to July, the country's central bank said Thursday.
The bank said the decrease was due mainly to a $14.67 billion decrease in the country´s foreign trade deficit, compared to the same period last year and over $1 billion increase in its service sector.
“This decrease is mainly accounted for thanks to a decline of $14.76 billion in the foreign trade deficit, as well as to an increase of $1.163 billion in the services surplus,” the Bank said in a statement.
Foreign trade deficit, for the first seven months of 2014, stands at $34.27 billion, while services surplus amounts to $12.26 billion.
The country´s current account deficit in July decreased sharply to $2.63 billion in July. It was $4.1 billion in June.
Commenting on the account deficit, Nihat Zeybekci, the country’s Economy Minister, said on Thursday that Turkish economic growth had to exceed 5 percent.
“It is estimated that the deficit in 2014 will be 35 percent lower than in 2013 and we have been doing this with increasing employment in the country," Zeybekci said.
Turkey's total exports stood at $93.5 billion in the first seven months of this year, while its import amounted to $139.61 billion.
Turkey’s growth rate was 4.3 percent in the first quarter of 2014 and slowed in the second quarter with 2.1 percent.
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