The current account balance recorded a USD 4.9 billion deficit in January. The figure represents a sizeable improvement over both the USD 5.8 billion deficit recorded in the same month last year and the USD 5.3 billion shortfall the market had expected. The 12-month trailing current account deficit narrowed from USD 64.9 billion in December to USD 64.0 billion January (equivalent to approximately 7.5% of GDP). Exports expanded 8.5% in USD terms over the same month last year, which was above the 4.0% increase recorded in December and marked the fastest acceleration in a year. Imports slowed to a 2.3% increase in January, which was well below December's 16.7% expansion. As a result of the slowdown in imports, the trade deficit was USD 5.2 billion in January, which marked an improvement over the USD 5.9 billion shortfall recorded in the same month last year. According to analysts, the improvement in the current account deficit mainly reflects that the lira continues to weaken, as it had done throughout 2013. Analysts expect the current account deficit to continue to narrow over the coming months due to the weaker lira and higher interest rates, which will dampen domestic demand. FocusEconomics Consensus Forecast panelists expect the current account deficit to reach 6.2% of GDP this year, which is up 0.3 percentage points from last month's estimate. For 2015, the panel sees the current account deficit remaining broadly stable at 6.1% of GDP.
Turkey Current Account
Current account deficit moderates in January as lira falls to all-time low
March 12, 2014
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Note: Monthly and 12-month sum of current account balance in USD billion.
Source: Central Bank of the Republic of Turkey (CBRT).
Turkey Economic News
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.
October 3, 2016
The Manufacturing Purchasing Managers’ Index (PMI), produced by the Istanbul Chamber of Industry (ICI) and IHS Markit, increased slightly to 48.3 in September from August’s 47.0, which had marked a multi-year low.
October 3, 2016
In September, consumer prices increased 0.18% over the previous month.
September 26, 2016
The Real Sector Confidence Index published by the Central Bank increased from August’s 103.6 to 106.5 in September.