(MENAFN- The Journal Of Turkish Weekly) Turkey's July current account deficit is expected to be $940 million higher than last year, a group of leading economists said Tuesday.
According to a panel of 19 experts asked by Anadolu Agency, the July 2014 deficit of $2.63 billion is anticipated to be $3.57 billion for July 2015.
Based on the average of their predictions, the year-end current account deficit is forecast to be $38.57 billion, a fall on the 2014 year-end figure of $45.8 billion. Last month the figure was predicted to be $38.30 billion.
The Turkish Central Bank is set to release the official deficit figures on Thursday.
Turkey's total current account deficit in the first six months of 2015 fell by 7.5 percent to $22.71 billion compared to the same period last year, according to the central bank.
Declining oil prices have had a significant positive effect on the current account deficit and inflation, which was at 7.14 percent in July.
Turkey's energy imports declined by almost 26.7 percent to reach $23.7 billion in the first seven months of 2015 compared with $32.3 billion in the same period of 2014, according to the Turkish Statistical Institute.
The country spent nearly $55 billion on energy imports in 2014. Oil, natural gas and coal imports meet 70 percent of Turkey's energy needs.
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