Turkey: Current account deficit improves in November
January 14, 2014
The current account balance recorded a USD 3.9 billion deficit in November. The figure marks an improvement over both the USD 4.1 billion deficit recorded in the same month of the previous year and the USD 4.3 billion shortfall the market had expected. The 12-month trailing current account deficit narrowed slightly from USD 61.0 billion in October to USD 60.8 billion November (equivalent to approximately 7.0% of GDP).
Exports expanded 3.7% in USD terms over the same month of the previous year, which contrasts the 8.0% increase recorded in October and marks the fastest acceleration in nine months. Imports expanded 2.2%, which was below October's 3.6% increase. As a result, the trade deficit reached USD 5.2 billion in November, which marked a slight improvement over the USD 5.3 billion shortfall recorded in the same month of the previous year.
FocusEconomics Consensus Forecast panelists expect the current account deficit to reach 6.6% of GDP this year. For 2015, the panel forecasts the current account deficit remaining broadly stable at 6.5% of GDP.