Turkey Current Account December 2016

Turkey

Turkey: Current account deficit narrows in December

February 14, 2017

The Turkish current account balance recorded a USD 4.3 billion deficit in December, down from a revised USD 2.2 billion deficit recorded in November (previously reported: USD 2.3 billion deficit). December’s shortfall is a moderate improvement from the USD 5.0 billion deficit recorded in the same month of the previous year. As a result, the 12-month trailing current account gap narrowed slightly from USD 33.4 billion in November to USD 32.6 billion in December, the smallest deficit in three months.

December’s merchandise exports increased 9.5% in USD terms over the same month of the previous year, recording the strongest growth in nearly three years. The reading built on November’s 8.7% increase. Merchandise imports increased 2.0% in December on a year-on-year basis, down from November’s impressive 5.3% growth. The trade deficit came in at USD 4.2 billion in December, which was a moderate improvement to the USD 5.1 billion shortfall recorded in the same month in 2015.

FocusEconomics Consensus Forecast panelists expect the current account deficit to reach 4.9% of GDP this year. For 2018, the panel also sees the current account deficit at 4.9% of GDP.


Author:, Economist

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Turkey Current Account Chart


Turkey Current Account December 2016

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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