Turkey's energy costs could increase to $65 billion this year, the Turkish economy minister said Wednesday, underlining how rising oil prices could raise Turkey's current account deficit.
Turkey
's
energy costs could increase to $65 billion this year, the Turkish economy
minister said Wednesday, underlining how rising oil prices could raise
Turkey
's
current account deficit.
"Our energy costs this year may increase to 65 billion dollars from 54
billion last year," Zafer Caglayan told reporters after giving a speech in
Istanbul
.
"The crisis in
Europe
has triggered this increase
in oil prices... We will be watching oil prices closely," Caglayan said.
Turkey
,
which is dependent on energy imports, is sensitive to oil price fluctuations. Higher
oil prices could widen the country's gaping current account deficit; which at
10% of gross domestic product, is considered the economy's key weakness.
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