Turkey: Current account deficit widens in March
May 12, 2015
The current account balance recorded a USD 5.0 billion deficit in March (February: USD 3.5 billion deficit), which marked a deterioration over the USD 3.4 billion shortfall recorded in the same month last year. The print was below market expectations of a USD 4.4 billion deficit. The 12-month trailing current account deficit widened from USD 43.9 billion in February to USD 45.5 billion in March (roughly equivalent to 5.5% of GDP).
In March, exports fell 16.2% in USD terms over the same month last year, which was a notable deterioration from the 8.2% drop tallied in February. Imports fell 5.5%, which followed February’s 6.8% annual contraction. As a result, the trade deficit came in at USD 4.9 billion in March, which marked a deterioration over the USD 3.4 billion shortfall recorded in the same month last year.