Turkey's Economy Minister Zafer Caglayan estimated Wednesday that the country's year-end current account deficit would stand around $65 billion to drop below 8 percent of the nation's gross domestic product.
ANKARA- The Turkish Central Bank said earlier Wednesday that Turkey's current account deficit went down 9.9 billion USD to 27.5 billion USD in the first five months of 2012 compared to the same period of last year.
Caglayan said he expected further decrease in the current deficit with an estimated stronger foreign direct investment inflow, adding the latest figures were a sign that Turkey's economy was on "right track."
In the first five months of 2012 FDI inflow was up ten times over a year earlier to reach $6,454 million.
Caglayan said the government's newly introduced investment encouragement policies would also help narrow the current deficit level.