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.