Turkey Current Account October 2016


Turkey: Current account deficit remains constant in October

December 12, 2016

Turkey's current account balance recorded a USD 1.7 billion deficit in October, mirroring the deficit registered in September. This deficit is considerably worse than the USD 0.3 billion deficit recorded in the same month last year. As a result, the 12-month trailing current account gap widened from USD 32.4 billion in September to USD 33.8 billion in October, the largest figure in almost a year.

In October, merchandise exports dropped 2.8% in USD terms over the same month last year. The reading was above the 5.8% fall in September. Merchandise imports fell by 0.3% in October on a year-on-year basis, which was down from the flat reading recorded in September. The trade deficit came in at USD 2.8 billion in October, which was a bigger shortfall than the USD 2.5 billion deficit recorded in the same month last year.

FocusEconomics Consensus Forecast panelists expect the current account deficit to reach 4.8% of GDP this year. For 2017, the panel sees the current account deficit at 5.1% of GDP.

Author:, Senior Economist

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Turkey Current Account Chart

Turkey Current Account October 2016

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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