Caspian Energy Journal Caspian European Club
Wednesday, 12 December 2018 13:00

Turkey’s current account surplus improves

Turkey’s current account surplus improves

The first parliamentary session on Turkey's 2019 budget started on Monday, Caspian Energy News ( reports with reference to the press statement of AK Party of Turkey (Justice and Development Party).

“The 2019 budget will be the major supporter of a stabilization period under the new economic program," Turkish Treasury and Finance Minister Berat Albayrak said during a presentation about the budget in the Turkish Grand National Assembly.

Albayrak said austerity measures will be among the most prominent features of next year's budget.

He said starting from the 2019 budget, the country's resources will be channeled into investments, particularly those which will reduce the current account gap, increase exports and technological production.

 “We are allocating resources of 65.1 billion Turkish liras ($12.3 billion) for investments and 32.8 billion liras ($6.2 billion) for real sector incentives in the 2019 budget,” Albayrak said.

Albayrak further noted that Turkey's current account deficit was expected to drop below $36 billion in 2018.

According to the latest data from the Turkish Central Bank (CBRT), the country's current account surplus totaled $1.83 billion in September, improving from last year's deficit of $4.4 billion.

Commenting on Turkey's economic growth rate in the third quarter, Albayrak said: “We see that the process of stabilization, which started in the second quarter, continued in the third quarter more significantly.”

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Person in charge of the newsline: Olga Nagiyeva 

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