Turkey Current Account August 2016


Turkey: Current account deficit narrows further in August

The current account balance recorded a USD 1.8 billion deficit in August (July: USD 2.7 billion deficit). The deficit contrasted the USD 0.3 billion surplus recorded in the same month last year. As a result, the 12-month trailing current account gap narrowed from USD 41.1 billion in July to USD 31.0 billion in August.

In August, merchandise exports expanded 5.4% in USD terms over the same month last year. The reading contrasted the 13.0% decrease in July. Moreover, goods imports swung from a 20.6% decrease in July to a 3.1% increase in August. As a result, the trade deficit came in at USD 3.5 billion in August, which was a smaller shortfall than the USD 3.7 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 at 4.9% of GDP.

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Turkey Current Account Chart

Turkey Current Account August 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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