Turkey Current Account


Turkey: Current account deficit continues to improve in October

December 11, 2014

The current account balance recorded a USD 2.0 billion deficit in October (September: USD 2.3 billion deficit), which marked an improvement over the USD 3.3 billion shortfall recorded in the same month last year. The print, however, slightly exceeded the USD 1.8 billion deficit expected by market analysts. The 12-month trailing current account deficit narrowed from USD 47.0 billion in September to USD 45.7 billion in October (roughly equivalent to 6.0% of GDP), which marked the lowest reading since December 2010.

In October, exports expanded 6.2% in USD terms over the same month last year, which matched the result tallied in the previous month. Conversely, imports contracted 1.8% annually in October, which marked a deterioration over September’s 0.3% decline. As a result of the healthy export rise and the drop in imports, the trade deficit came in at USD 4.7 billion in October, which marked an improvement over the USD 5.9 billion shortfall recorded in the same month last year.

FocusEconomics Consensus Forecast panelists expect the current account deficit to reach 5.9% of GDP this year. For 2015, the panel sees the current account deficit remaining broadly stable at 5.7% of GDP.

Author: Ricard Torné, Lead Economist

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Turkey Current Account Chart

Turkey Current Account October 2014

Note: Monthly and 12-month sum of current account balance in USD billion.
Source: Central Bank of the Republic of Turkey (CBRT).

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