Turkey Current Account June 2016

Turkey

Turkey: Current account deficit widens in June

August 11, 2016

The current account balance recorded a USD 4.9 billion deficit in June (May: USD 3.1 billion deficit). The deficit was wider than the USD 3.2 billion shortfall recorded in the same month last year. As a result, the 12-month trailing current account gap widened from USD 27.7 billion in May to USD 29.4 billion in June, marking the biggest deficit in three months.

In June, merchandise exports expanded 6.3% in USD terms over the same month last year. The reading was below the 7.9% increase tallied in May. However, goods imports swung from a 4.2% contraction in May to a 6.4% expansion in June. As a result, the trade deficit came in at USD 5.2 billion in June, which was a bigger shortfall than the USD 4.9 billion deficit recorded in the same month last year.

FocusEconomics Consensus Forecast panelists expect the current account deficit to reach 4.7% of GDP this year. For 2017, the panel sees the current account deficit broadly stable at 4.9% of GDP.


Author:, Senior Economist

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Turkey Current Account June 2016 0

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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