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.
Author: Christopher Thomas, Economist