The current account balance incurred a deficit of USD 4.5 billion in June - the lowest deficit in seven months. The figure marked an improvement over both the USD 7.3 billion deficit recorded in the same month last year and market expectations of a USD 5.1 billion shortfall. As a result of the monthly figure, the 12-month trailing current account deficit widened from USD 53.2 billion in May to USD 53.6 billion in June (equivalent to approximately 6.0% of GDP). Exports fell 4.8% in USD terms over the same month last year, which contrasted the 3.5% expansion recorded in May. Meanwhile, imports increased 2.7% in June, which followed May's strong 7.5% expansion. As a result, the trade deficit reached USD 6.9 billion in May, which marks a deterioration over the USD 5.7 billion shortfall recorded in the same month last year. FocusEconomics Consensus Forecast panellists expect the current account deficit to reach 6.8% of GDP this year. For 2014, the panel forecasts the current account deficit to widen to 7.1% of GDP.
Turkey Current Account
Current account deficit narrows in June
August 15, 2013
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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 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.
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.