March 09, 2006 The current budget deficit in January increased 69.9 % compared to the same month last year. The deficit for January for this January was 2 billion 488 million US dollars. The biggest item in the deficit was the foreign trade which constitutes the largest part with 65.6% increase to 2 billion 613 […]
March 09, 2006
The current budget deficit in January increased 69.9 % compared to the same month last year. The deficit for January for this January was 2 billion 488 million US dollars. The biggest item in the deficit was the foreign trade which constitutes the largest part with 65.6% increase to 2 billion 613 million US dollars.
The data published by the Central Bank of Turkey shows that January export figures fell by 3.5% compared to last year to 4 billion 820 million US dollars. Another factor for the fall was the decrease of the irregular export called the “suitcase trade” where mostly people from the Eastern Block countries come to Turkey to fill their suitcases with mostly textile goods and take them back to sell in their own countries. The fall in the “suitcase trade” amounted to 203 million dollars, down 1.5%. The import of other goods (CIF) including gold increased 11.1% to 8 billion 10 million dollars.
The services also fell compared to last year by 25.4% to 338 million US dollars. Although tourism took a net hit to impact the result, other service industries such as financial services, trade services and public services also were down.
The Central Bank is estimating that the tourism revenue will increase 4.1% to 718 million US dollars, and, the tourism costs will increase to 271 million dollars by 26.6%. According to this estimate, the net tourism revenues will shrink by 6.1% to 447 million dollars.
Transportation, another important item in service industry, also decreased to 87 million dollars.
The net foreign financial investment in January decreased by 16.5% compared to last year same period to 2 billion 16 million US dollars.
Source: Condensed from Dunya.
G.Y.