In February, the current account incurred a deficit of USD 6.1 billion. The result was in line with market analysts' expectations, but exceeded the USD 5.9 billion deficit recorded in January. As a result, the current account deficit over the last 12 months continues to widen to the record USD 54.8 billion in February (approximately 7.5% of GDP), from a USD 48.5 billion deficit recorded in the full year 2010 (6.6% 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. In addition, higher oil prices also contributed to the rising current account deficit, as oil imports account for nearly 20% of total Turkish imports. Therefore, imports rose 49.2% over February 2010 in USD terms, while exports added 22.1% over the same period. As a result, the trade deficit increased to USD 63.0 billion in the 12-month period to February 2011, which is a record high.
Turkey Current Account
Higher oil prices and buoyant domestic demand push current account deficit
April 11, 2011
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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.