Turkey: Current account in December records largest deficit in one year
February 11, 2016
The current account balance recorded a USD 5.1 billion deficit in December (November: USD 2.2 billion deficit). The print was better than the USD 6.7 billion shortfall recorded in the same month of the previous year; however, it was slightly below the USD 5.0 shortfall that market analysts had expected. Moreover, December’s figure marked the largest deficit since December 2014. As a result, in the full year 2015, the current account deficit totaled USD 32.2 billion, which marked an improvement over the USD 43.6 billion tallied in 2014.
In December, exports fell 12.2% in USD terms over the same month last year, which followed the 11.2% decrease tallied in November. While Imports fell a sizeable 17.2%, they represented a smaller drop than November’s 74-month low of 24.9%. As a result, the trade deficit came in at USD 5.0 billion in December, which marked a smaller shortfall over the USD 6.8 billion deficit recorded in the same month of the previous year.