Turkey Current Account


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.

FocusEconomics Consensus Forecast panelists expect the current account deficit to reach 4.6% of GDP this year. For 2016, the panel sees the current account deficit remaining broadly stable at 5.0% of GDP.

Author: Angela Bouzanis, Senior Economist

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Turkey Current Account Chart

Turkey Current Account January 2015

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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