In August, the current account incurred a deficit of USD 4.0 billion, the smallest deficit since October 2010, as domestic demand continues to weaken. The result was down from the USD 5.3 billion deficit recorded in July but was broadly in line with market expectations. Despite the improvement in monthly figures, the current account deficit continued to widen over the last 12 months, reaching USD 75.2 billion in August (approximately 9.4% of GDP). Imports continue to gradually decelerate as Turkish authorities try to rebalance the economic expansion towards domestic sources. Imports rose 26.3% in USD terms over August 2010 (July: +29.9% year-on-year), while exports expanded a stronger 32.2% over the same period the previous year (July: +24.1% yoy). As a result, the trade deficit narrowed from USD 9.0 billion in July to USD 8.2 billion, the lowest level since February.
Turkey Current Account
Current account deficit shrinks in August
October 11, 2011
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Turkey Economic News
October 25, 2016
The Real Sector Confidence Index published by the Central Bank decreased from September’s 106.5 to 101.7 in October, the lowest reading in one year.
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.