In December, the current account incurred a deficit of USD 7.5 billion. The result overshot market analysts' expectations of a USD 7.0 billion deficit and exceeded the USD 6.1 billion deficit recorded in November. As a result, the full-year current account deficit widened markedly to a record USD 48.6 billion in 2010 (6.2% of GDP), more than triple the USD 14.0 billion deficit recorded in 2009 (2.3% of GDP). The rapid deterioration in the external account reflects an increasing imbalance between domestic demand and GDP growth, which has been driven by surging imports. The buoyant pace of import growth is raising concerns among Turkish monetary authorities, who have implemented a new policy mix aimed at curbing short-term capital inflows and cooling domestic credit growth. That said, imports outpaced exports in December, rising 38.5% over the same month the year before, while exports increased 16.1% year-on-year. As a result, the trade deficit expanded to USD 7.2 billion in December.
Turkey Current Account
Current account deficit surges in 2010
February 11, 2011
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Turkey Economic News
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.
October 3, 2016
In September, consumer prices increased 0.18% over the previous month.
September 26, 2016
The Real Sector Confidence Index published by the Central Bank increased from August’s 103.6 to 106.5 in September.