In August, the current account balance incurred a deficit of USD 1.2 billion. The figure represents an improvement over both the USD 4.0 billion deficit recorded in the same month last year and market expectations of a USD 1.8 billion shortfall. As a result of the subdued monthly reading, the 12-month trailing current account deficit narrowed for the 10th consecutive month, falling from USD 61.9 billion in July to USD 59.0 billion in August (equivalent to 7.7% of GDP), the lowest level recorded since March 2011. Exports expanded 12.1% in USD terms over the same month last year, which was above the 9.2% increase recorded in July. In contrast, imports contracted 5.9%, which followed the 2.2% decline observed in July. As a result, the trade deficit reached USD 4.3 billion in August, down from the USD 6.9 billion deficit recorded in the same month last year.
Turkey Current Account
Current account deficit narrows more than expected
October 11, 2012
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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.