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Turkish Current-Account Deficit Shrinks as Recession Takes Hold

Turkey’s current-account gap in January narrowed to around a tenth of the deficit seen a year earlier, as the economy continues to contract after last year’s currency crash and weak consumer demand curbs imports.

The measure -- the broadest gauge of trade and investment -- recorded a deficit of $813 million in January, the central bank said on Monday. The median of 13 forecasts in a Bloomberg survey was for a gap of $650 million. All economists in the poll expected a deficit.