Turkey Current Account


Turkey: Current account deficit shrinks in September

November 13, 2014

The current account balance recorded a USD 2.2 billion deficit in September (August: USD 2.2 billion deficit), which marked an improvement over the USD 3.4 billion shortfall recorded in the same month last year. The print was better than the USD 2.6 billion expected by market analysts. The 12-month trailing current account deficit narrowed slightly from USD 47.9 billion in August to USD 46.7 billion in September (equivalent to approximately 7.0% of GDP).

In September, exports expanded 7.0% in USD terms over the same month last year, which was above the 6.8% increase recorded in August and marked a six-month high. Conversely, imports tumbled from a 7.3% increase in August to a 0.3% drop in September. As a result of the healthy export rise, the trade deficit came in at USD 5.0 billion in September, which marked an improvement over the USD 6.0 billion shortfall recorded in the same month last year.

FocusEconomics Consensus Forecast panelists expect the current account deficit to reach 5.9% of GDP this year. For 2015, the panel sees the current account deficit remaining broadly stable at 5.7% of GDP.

Author: Ricard Torné, Lead Economist

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Turkey Current Account Chart

Turkey Current Account September 2014

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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