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.