Turkey Current Account

Turkey

Turkey: Current account deficit narrows in June

August 11, 2015

The current account balance recorded a USD 3.4 billion deficit in June (May: USD 4.4 billion deficit), which marked an improvement over the USD 4.2 billion shortfall recorded in the same month last year. However, the print marked a deterioration from market expectations of a USD 3.0 billion deficit. The 12-month trailing current account deficit also narrowed, from USD 45.5 billion in May to USD 44.7 billion in June (roughly equivalent to 5.5% of GDP).

In June, exports fell 6.7% in USD terms over the same month last year, which was a notable improvement from the 18.9% drop tallied in May. Imports fell 11.7%, which followed May’s 13.9% annual contraction. As a result, the trade deficit came in at USD 4.8 billion in June, which marked an improvement over the USD 6.3 billion shortfall recorded in the same month last year.

FocusEconomics Consensus Forecast panelists expect the current account deficit to reach 4.9% of GDP this year. For 2016, the panel sees the current account deficit widening to 5.4% of GDP.


Author: Angela Bouzanis, Senior Economist

Sample Report

Looking for forecasts related to Current Account in Turkey? Download a sample report now.

Download

Turkey Current Account Chart


Turkey Current Account June 2015

Note: Monthly and 12-month sum of current account balance in USD billion.
Source: Central Bank of the Republic of Turkey (CBRT).


Turkey Economic News

More news

Search form