Turkey: Current account deficit widens in February
April 11, 2017
Turkey's current account balance recorded a USD 2.5 billion deficit in February, which was a larger gap than February 2016’s USD 2.0 billion shortfall. February’s result matched market expectations and followed January’s USD 2.8 billion shortfall. The 12-month trailing current account deficit widened slightly from USD 33.6 billion in January to USD 33.7 billion in February.
The larger gap in the current account was primarily due to a deterioration in the trade balance. Exports contracted 2.2% over the same month last year, while imports grew 1.8%. The trade deficit came in at USD 2.5 billion in February, which was a deterioration from the USD 2.0 billion tallied in February 2016. A bright spot in the data was an increase recorded in travel services. The country’s tourism sector has been hard hit by security concerns over the past months and its recovery could help shore up economic activity in Turkey.