Current account deficit exceeds expectations in November
ISTANBUL - Doğan News Agency
Analysts and economists at banks and brokerage companies were expecting the November 2014 current account deficit to come in at between $5.2 billion and 5.4 billion. A rise in gold imports in the month played a role in the increased deficit as a result of declining gold prices, according to banking professionals.
The current account deficit rose to the year’s highest level in November, while decreasing to $38.72 billion in the January-November 2014 period from $56.67 billion in the same period of the previous year. The annual deficit also stood at $47.09 billion at the end of the month.
The deficit shrank for the first 10 months of last year as a weak lira made Turkish goods more competitive, but exports fell in November for the first time in 2014, hurt by weak demand in key markets, including Russia and Iraq.