In May, the current account balance incurred a deficit of USD 5.8 billion. The figure exceeded the USD 5.0 billion deficit recorded in April but came in below market expectations of a USD 6.2 billion deficit. As a result of the monthly result, the 12-month trailing current account deficit narrowed for the seventh consecutive month, falling from USD 69.0 billion in April to USD 67.0 billion in April (approximately equivalent to 8.7% of GDP). Exports expanded 20.4% in USD terms over the same month last year, more than doubling the 8.0% increase recorded in April. Meanwhile, imports grew 2.4%, which contrasted the 7.4% contraction recorded in April. As a result, the trade deficit reached 7.1 billion in May, down from the USD 8.9 billion deficit recorded in the same month last year.
Turkey Current Account
External rebalancing continues
July 12, 2012
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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.