Turkey: Current account deficit narrows further in August
October 13, 2016
The current account balance recorded a USD 1.8 billion deficit in August (July: USD 2.7 billion deficit). The deficit contrasted the USD 0.3 billion surplus recorded in the same month last year. As a result, the 12-month trailing current account gap narrowed from USD 41.1 billion in July to USD 31.0 billion in August.
In August, merchandise exports expanded 5.4% in USD terms over the same month last year. The reading contrasted the 13.0% decrease in July. Moreover, goods imports swung from a 20.6% decrease in July to a 3.1% increase in August. As a result, the trade deficit came in at USD 3.5 billion in August, which was a smaller shortfall than the USD 3.7 billion deficit recorded in the same month last year.
Author: Dirina Mançellari, Senior Economist