Positive effects of declining oil prices to Turkey will be clearer in 2015, Turkish Development Minister Cevdet Yilmaz said Monday in Turkey's Bingol province.
According to Yilmaz, low oil prices will affect Turkey's economic growth, current account deficit and inflation rate positively.
"Our economic growth will be higher and the current deficit (account) will seriously drop due to our country's energy-dependent condition," said Yilmaz.
Fuel prices will also have "direct and also successive" effects on the inflation rate, said Yilmaz.
Falling oil prices across the world are lowering gas prices for oil-dependent countries and their consumers.
Turkey, a net importer of oil, brought in energy imports worth $56 billion in 2013, and $37 billion in the first eight months of 2014, according to Turkey's Statistical Institute.
According to Yilmaz, 2015 will be a much better year than 2014 with regards to macro-economic indicators, leading to an increase in quantity of exports and investments for Turkey.
On Jan. 24, Turkish Deputy Prime Minister Ali Babacan also said in Davos that Turkey would reduce its inflation rate to 5-6 percent due to the decline in oil prices in 2015.
Turkey's current account deficit has shrunk by 32 percent to reach $38.7 billion between January and November 2014, from $56.7 billion in the same period of the previous year. While Turkey's inflation rate was 8.17 percent in December 2014, its growth rate is projected to be around 3 percent for 2014.
The global benchmark Brent crude oil prices has fallen almost 60 percent since June, from $116 to $46 per barrel on Jan. 13 - lowest point since March 2009.
Reporting by Abdullah Celik and Aydin Arik
Writing by Muhsin Baris Tiryakioglu