Turkey Current Account January 2017

Turkey

Turkey: Current account deficit widens in January

March 13, 2017

The current account balance recorded a USD 2.8 billion deficit in January, which was a larger gap than January 2016’s USD 2.2 billion shortfall. January’s result matched market expectations and followed December’s USD 4.3 billion shortfall. The 12-month trailing current account deficit widened slightly from USD 32.6 billion in December to USD 33.2 billion in January.

The larger gap in the current account was primarily due to a deterioration in the trade balance. Imports surged 15.0% over the same month last year in January, while exports increased 11.9%. The trade deficit came in at USD 3.1 billion in January, which was a deterioration from the USD 2.7 billion tallied in January 2016. The country’s tourism sector has suffered in recent months from security concerns and a sharp drop was recorded in travel services in January.

FocusEconomics Consensus Forecast panelists expect the current account deficit to reach 4.5% of GDP this year. For 2018, the panel also sees the current account deficit at 4.5% of GDP.


Author: Angela Bouzanis, Senior Economist

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Turkey Current Account January 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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