Turkey Current Account

Turkey

Turkey: Current account deficit narrows in December

February 11, 2015

The current account balance recorded a USD 6.8 billion deficit in December (November: USD 5.7 billion deficit), which marked an improvement over the USD 8.4 billion shortfall recorded in the same month of the previous year. The print matched market expectations. The 12-month trailing current account deficit narrowed from USD 47.4 billion in November to USD 45.8 billion in December (roughly equivalent to 6.0% of GDP).

In December, exports expanded 0.5% in USD terms over the same month the previous year, which contrasted the 8.4% decrease tallied in November. Imports fell 4.9%, which was below November’s 0.3% annual contraction. As a result, the trade deficit came in at USD 6.9 billion in December, which marked an improvement over the USD 8.1 billion shortfall recorded in the same month of the previous 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 5.1% of GDP.


Author: Angela Bouzanis, Senior Economist

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Turkey Current Account Chart


Turkey Current Account December 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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