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.