In May, the current account balance incurred a deficit of USD 7.8 billion. The result was broadly in line with market expectations and was up from the revised USD 7.6 billion deficit recorded in April. As a result, the current account deficit over the last 12 months continued to widen, reaching USD 68.2 billion in May (approximately 8.5% of GDP). Imports remain buoyant despite authorities' efforts to rebalance GDP expansion and increase the contribution from net exports to overall growth. Imports rose 42.6% over May 2010 in USD terms (April: +40.2% year-on-year), while exports decelerated sharply, adding only 11.7% over the same period the previous year (April: +26.5% yoy). As a result, the trade deficit increased to a record high of USD 92.4 billion in the 12-month period to May 2011. In an attempt to narrow the expanding deficit, Economy Minister Zafer Caglayan announced that the government will provide incentives to key manufacturing sectors in order to foster use of Turkish material in their production processes and reduce dependence on imported raw materials.
Turkey Current Account
Current account deficit widens further in May
July 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.