Turkey Current Account

Turkey

Turkey: Current account deficit narrows in February

April 10, 2015

The current account balance recorded a USD 3.2 billion deficit in February (January: USD 2.0 billion deficit), which marked an improvement over the USD 3.3 billion shortfall recorded in the same month last year. The print was below market expectations of a USD 2.8 billion deficit. The 12-month trailing current account deficit narrowed from USD 43.0 billion in January to USD 42.8 billion in February (roughly equivalent to 5.8% of GDP).

In February, exports fell 6.0% in USD terms over the same month last year, which contrasted the 0.5% increase tallied in January. Imports fell 7.1%, which followed January’s 13.9% annual contraction. As a result, the trade deficit came in at USD 3.1 billion in February, which marked an improvement over the USD 3.5 billion shortfall recorded in the same month last year.

FocusEconomics Consensus Forecast panelists expect the current account deficit to reach 4.7% 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 February 2015 0

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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