Turkey Current Account

Turkey

Turkey: Current account deficit narrows in April

June 11, 2015

The current account balance recorded a USD 3.4 billion deficit in April (March: USD 5.0 billion deficit), which marked an improvement over the USD 4.9 billion shortfall recorded in the same month last year. The print undershot market expectations of a USD 2.9 billion deficit. The 12-month trailing current account deficit also narrowed from USD 45.8 billion in March to USD 44.3 billion in April (roughly equivalent to 5.5% of GDP).

In April, exports fell 0.2% in USD terms over the same month last year, which was a notable improvement from the 16.4% drop tallied in March. Imports fell 11.4%, which followed March’s 5.6% annual contraction. As a result, the trade deficit came in at USD 3.3 billion in April, which marked an improvement over the USD 4.9 billion shortfall recorded in the same month last year.

FocusEconomics Consensus Forecast panelists expect the current account deficit to reach 4.8% of GDP this year. For 2016, the panel sees the current account deficit remaining broadly stable at 5.3% of GDP.


Author: Angela Bouzanis, Senior Economist

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Turkey Current Account Chart


Turkey Current Account April 2015

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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