Turkey posts highest current account deficit in three years

Turkey's current account deficit in 2013 soared 33.7 percent year-on-year to 65.4 billion U.S. dollars, the second highest reading on record, the central bank said Thursday. The figure was the second worst in history since a record current account deficit of 75 billion dollars was posted in 2011. The latest rise in current account deficit was attributed mainly to an increase in foreign trade deficit, the bank said in its annual report. Turkey's foreign trade deficit in 2013 rose 18.7 percent to reach 99.8 billion dollars. Economists worry that the enlarging current account deficit would further jeopardize Turkey's economic future, making it more vulnerable to external economic fluctuation.