Turkey’s current account deficit up

Turkey’s current account deficit was up / Economy News Turkey

Turkey’s current account deficit was up 102.4 percent year-on-year in the first eight months of 2011, the Central Bank said on Tuesday.

The Central Bank announced balance of payments in August 2011 and said the current account deficit was up 102.4 percent year-on-year in the first eight months of 2011, reaching $54.2 billion.

The current account deficit, which stood at $26.8 billion in the first eight months of 2010, increased by $27.4 billion in the first eight months of 2011 as compared to the 2010 data.

Soaring deficit in foreign trade is believed to have pushed the current account deficit up, Anatolia news agency said.

The Central Bank posted the current account deficit as $3.9 billion in August 2011. It was $2.02 billion in the same month of 2010.

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