Turkey: Current account deficit narrows in January
March 11, 2015
The current account balance recorded a USD 2.0 billion deficit in January (December: USD 6.8 billion deficit), which marked an improvement over the USD 5.0 billion shortfall recorded in the same month last year. In addition, the print beat market expectations of a 2.8 billion deficit. The 12-month trailing current account deficit narrowed from USD 45.8 billion in December to USD 42.9 billion in January (roughly equivalent to 5.4% of GDP).
In January, exports expanded 0.6% in USD terms over the same month last year, which followed the 0.2% increase tallied in December. Imports fell 13.9%, which was below December’s 5.2% annual contraction. As a result, the trade deficit came in at USD 2.6 billion in January, which marked an improvement over the USD 5.2 billion shortfall recorded in the same month last year.