Caglayan: Lion's share belongs to export in recovery
Economy Minister Zafer Caglayan stated that the lion's share in recovery of the current account deficit had come from exports. Stating that Turkey's current account deficit had receded to the lowest level of the last 21 months with$53.1 billion, Caglayan said that the current account deficit would remain below the goal of medium term programme. "The reason of decrease arises from an increase of $18.1 billion in export of goods and services. The effect of decline in import on the current account deficit amounts to approximately $5.2 billion. As a result, I would like to repeat that the lion's share in the recovery of the current account deficit belongs to an increase in export," Caglayan said. Stating that inputs from direct foreign investment has reached $10.6 billion, Caglayan added, "We are slightly below compared to last year, but with the contribution of stimulus in the last two months and in 2013 we expect an increase in the foreign investments."