Babacan: growing current account deficit is related with loan volume

ANKARA (A.A) - December 26, 2011 - Turkish Deputy Premier Ali Babacan said that the growing current account deficit was mainly related with loan volume. Making a presentation during ambassadors conference in Ankara on Monday, Babacan said that Turkey was one of the rare countries which posted primary surplus following the global economic crisis. He added that Turkey's primary surplus would be 1.2 percent this year, and budget deficit would drop in the coming period. Envisaging the public debt stock as under 40 percent in 2011, Babacan said that this rate was over 60 percent in many European countries. Babacan said that they envisaged year-end inflation as ten percent in 2011 and five percent in 2012. Noting that current account deficit in Turkey increased in the recent period, Babacan said that it was mainly related with loan volume, adding that dependence on foreign countries in energy was one of the most important reasons of current account deficit. Babacan said that Turkey was envisioned to grow four percent in 2012, and five percent in 2013 and 2014, adding that they also created job opportunities for 3.5 million people since 2009.