Turkey Current Account

Turkey

Turkey: Current account deficit widens in August

October 15, 2014

The current account balance recorded a USD 2.8 billion deficit in August (July: USD 2.7 billion deficit), which marked a deterioration over the USD 2.4 billion shortfall recorded in the same month last year. The print, however, was better than the USD 3.1 billion expected by market analysts. The 12-month trailing current account deficit widened slightly from USD 48.5 billion in July to USD 48.9 billion in August (equivalent to approximately 7.0% of GDP).

In August, exports expanded 4.5% in USD terms over the same month last year, which was above the 2.9% increase recorded in July. Imports rebounded strongly from a 13.5% drop in July to a 7.2% expansion in August, which marked the largest increase in eight months. As a result of the healthy import rise, the trade deficit came in at USD 6.5 billion in August, which marked a deterioration over the USD 5.7 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, Head of Economic Research

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Turkey Current Account Chart


Turkey Current Account August 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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