Turkish Finance Minister Mehmet Simsek has said current accounts deficit was the major problem in Turkey's economy, notwithstanding the country's overall success in recovering from fallout from the global economic recession.
"2010 gives almost a perfect picture in Turkey's economy. The only troubled dimension in this perfect picture is the current accounts deficit," Simsek told reporters during a ceremony marking the penning of agreements that would transfer the operation rights of a number of hydro plants to a private energy company.
Simsek also said a major part of the accounts deficit was due imports in energy, adding, "leaving energy expenses out, Turkey saw many years since 2002 running current accounts surplus."
"We have almost no oil production. We import 99 percent of natural gas we use. And even we import the coal to run our power plants," Simsek said.
Simsek said "the perfect picture in economy" included the pace of Turkey's economic growth which he said quadrupled that of European countries.
"Turkey is one of the rare countries in Europe to create one million jobs and our interest rates saw a historic low last year," Simsek said.
Minister says current accounts deficit major issue for Turkey
Turkish Finance Minister Mehmet Simsek has said current accounts deficit was the major problem in Turkey's economy.