In November, the current account balance incurred a deficit of USD 5.2 billion. The result was above the USD 4.2 billion deficit recorded in October but came in virtually in line with market expectations, which had anticipated the deficit to reach USD 5.3 billion. Despite the deterioration in the monthly figure, the annual current account deficit narrowed for the first time in two years, reaching USD 77.8 billion in November, down from USD 78.6 billion in the previous month. Imports continue to decelerate gradually as Turkish authorities try to redirect economic growth towards domestic sources. Imports rose 9.7% in USD terms over November 2010 (October: +16.2% year-on-year), while exports expanded a stronger 18.7% over the same period the previous year (October: +10.6% yoy). As a result, the trade deficit narrowed from USD 6.5 billion in October to USD 6.3 billion, the lowest level recorded since February.
Turkey Current Account
Annual current account deficit shrinks for first time in two years
January 11, 2012
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Turkey Economic News
October 25, 2016
The Real Sector Confidence Index published by the Central Bank decreased from September’s 106.5 to 101.7 in October, the lowest reading in one year.
October 21, 2016
The consumer confidence index, published by the Statistical Institute in cooperation with the Central Bank, decreased slightly from 74.3 in September to 74.0 in October.
October 20, 2016
At its 20 October monetary policy meeting, the Central Bank of the Republic of Turkey (CBRT) decided to keep the marginal funding rate unchanged at 8.25%.
October 13, 2016
The current account balance recorded a USD 1.8 billion deficit in August (July: USD 2.7 billion deficit).
October 10, 2016
In August, industrial production expanded a calendar-adjusted 2.2% compared to the same month last year.