Turkey Current Account

Turkey

Turkey: Current account improves further in May

July 11, 2014

The current account balance recorded a USD 3.4 billion deficit in May (April: USD 4.8 billion deficit), which marked a notable improvement over the USD 7.6 billion shortfall recorded in the same month last year. The deficit was less than the USD 4.0 billion deficit that market analysts had expected. The 12-month trailing current account deficit narrowed from USD 56.8 billion in April to USD 52.6 billion in May (equivalent to approximately 7.2% of GDP).

Exports expanded 3.8% in USD terms over the same month last year, which was below the 7.8% increase recorded in April and marked the weakest increase in six months. Imports contracted 9.9% in May, which followed the 8.5% drop recorded in April and represented the sharpest drop since October 2009. As a result of the large decline in imports, the trade deficit came in at USD 5.3 billion in May, which marked an improvement over the USD 8.0 billion shortfall recorded in the same month last year.

FocusEconomics Consensus Forecast panelists expect the current account deficit to reach 5.9% of GDP this year. For 2015, the panel sees the current account deficit remaining broadly stable at 5.7% of GDP.


Author: Ricard Torné, Head of Economic Research

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Turkey Current Account Chart


Turkey Current Account May 2014

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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