Turkey's current account deficit up in Jan-Feb

Turkey's current account deficit (CAD) increased $956 million to reach $10.9 billion in the January-February period of 2013 over the same period in 2012, the central bank revealed on Thursday.

This development is mainly due to an $844 million increase in Turkey's foreign trade deficit to reach a total of $11.5 billion, as well as a $63 million decrease in net services income to $1.3 million, the bank stated.

Under the services account, travel revenues and expenditures increased to $2.1 billion and $616 million in January-February period in 2013 compared to the same period of 2012.

The main sub-items, namely direct investment, portfolio investment and other investment consisting of interest income and expenditure, recorded a net outflow of $988 million in January-February, a $20 million increase over the same months of 2012.

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