Cevdet Yılmaz, in a post on his social media account, evaluated the balance of payments statistics for the month of March.
“The ‘Savings and Efficiency in Public Sector’ package we announced today will reduce public expenditures while increasing domestic savings, thus supporting the positive trend in the current account balance,” said Yılmaz.
Vice President Yılmaz stated that the current account deficit continued to decrease, with the annualized current account deficit decreasing by $25.8 billion to $31.2 billion as of March 2024 compared to May 2023. He also reported that the improvement in the current account deficit in the January-March period of 2024 amounted to $13.7 billion compared to the same period last year.
Emphasizing that the improvement in the current account balance was largely due to the decrease in the trade deficit, Vice President Yılmaz noted:
“The defined trade deficit in the balance of payments decreased by a total of $15.1 billion in the January-March period of 2024 compared to the same period of the previous year. The ‘Savings and Efficiency in Public Sector’ package we announced today, aimed at strengthening fiscal discipline, will reduce public expenditures while increasing domestic savings, thereby supporting the positive trend in the current account balance.
With the economic program we continue to implement firmly, we anticipate further reduction in the current account deficit and further improvement in financing quality.”
source: aa.com.tr/ prepared by Melisa Beğiç