Turkey: Current account deficit widens further in September
November 13, 2013
The current account balance ran up a USD 3.3 billion deficit in September. The figure marks a deterioration over the USD 2.7 billion deficit recorded in the same month last year and exceeded market expectations of a USD 2.6 billion shortfall. As a result of the monthly figure, the 12-month trailing current account deficit widened from USD 58.5 billion in August to USD 59.1 billion September (equivalent to approximately 7.0% of GDP).
Exports expanded 1.2% in USD terms over the same month last year, contrasting the 12.7% drop recorded in August. Imports also rebounded in September, rising 3.9% and contrasting August's 2.8% contraction. As a result, the trade deficit reached USD 6.0 billion in September, which marked a deterioration over the USD 5.4 billion shortfall recorded in the same month last year.
FocusEconomics Consensus Forecast panelists expect the current account deficit to reach 6.9% of GDP this year. For 2014, the panel forecasts the current account deficit to remain broadly stable at 6.8% of GDP.