Turkey Current Account February 2017

Turkey

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.

FocusEconomics Consensus Forecast panelists expect the current account deficit to reach 4.7% of GDP this year. For 2018, the panel sees the current account deficit stable at 4.7% of GDP.


Author: Angela Bouzanis, Senior Economist

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Turkey Current Account Chart


Turkey Current Account February 2017

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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