Turkey sees significant drop in account deficit

According to figures released by the Central Bank, as a result of Turkey's success in rebalancing the economy, the deficit for the Jan-Dec period for 2012 saw a drop by $28.352 billion compared to the year prior, regressing to $48.867 billion dollars.

With this development, the foreign trade deficit dropped by $23.537 billion dollars, regressing to $65.602 billion dollars. The net yield from the balance of services rose by $3.929 billion dollars reaching $21.932 million dollars, while the balance in income resulted in a drop of $1.247 billion net expenditures, bringing the total down to $6.594 billion dollars.

Tourism revenue, which falls into the balance of services category, increased by $421 million dollars compared to the year prior, reaching $23.441 billion dollars. Tourism expenditures decreased by $924 million, dropping to $4.52 billion dollars.

The total net expenditures in direct investments, portfolio investments and interest, which consist within the investment revenue balance, decreased by $1.299 billion dollars compared to the year prior, dropping to $6.379 billion dollars.