Turkey: Current account deficit widens to 11-month high in November
January 13, 2015
The current account balance recorded a USD 5.6 billion deficit in November (October: USD 2.0 billion deficit), which marked a sizeable deterioration over the USD 4.2 billion shortfall recorded in the same month of the previous year. Moreover, the print slightly exceeded the USD 5.3 billion deficit expected by market analysts. The 12-month trailing current account deficit widened from USD 45.7 billion in October to USD 47.1 billion in November (roughly equivalent to 6.0% of GDP).
In November, exports contracted 8.0% in USD terms over the same month the previous year, which contrasted the 6.1% increase tallied in October. Imports experienced flat growth in November, which was up from October’s 1.8% annual contraction. As a result of the sharp drop in exports, the trade deficit came in at USD 6.6 billion in November, which marked a deterioration over the USD 5.4 billion shortfall recorded in the same month of the previous year.