Turkey Current Account April 2016


Current account deficit improves in April

The current account balance recorded a USD 3.0 billion deficit in April (March: USD 3.7 billion deficit). The deficit was lower than both the USD 3.9 billion shortfall recorded in the same month last year and the USD 3.2 deficit that market analysts had expected. As a result, the 12-month trailing current account gap narrowed from USD 29.5 billion in March to USD 28.6 billion in April (roughly equivalent to 5.0% of GDP), marking the smallest deficit in almost six years.

In April, exports contracted 10.0% in USD terms over the same month last year. The reading contrasted the 2.9% increase tallied in March. Imports fell 11.6%, which represented a much steeper drop than March’s 4.9% contraction. As a result, the trade deficit came in at USD 2.9 billion in April, which was a smaller shortfall compared to the USD 3.6 billion deficit recorded in the same month last year.

FocusEconomics Consensus Forecast panelists expect the current account deficit to reach 4.7% of GDP this year. For 2017, the panel sees the current account deficit broadly stable at 4.8% of GDP.

Author:, Economist

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Turkey Current Account Chart

Turkey Current Account April 2016

Note: Monthly and 12-month sum of current account balance in USD billion.
Source: Central Bank of the Republic of Turkey (CBRT).

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