Turkey Current Account


Turkey: Current account narrows in June

August 14, 2014

The current account balance recorded a USD 4.1 billion deficit in June (May: USD 3.5 billion deficit), which marked an improvement over the USD 4.8 billion shortfall recorded in the same month last year. The deficit, however, exceeded the USD 3.7 billion shortfall that market analysts had expected. The 12-month trailing current account deficit narrowed further from USD 52.9 billion in May to USD 52.2 billion in June (equivalent to approximately 7.0% of GDP).

Exports expanded 4.6% in USD terms over the same month last year, which was above the 2.6% increase recorded in May. Imports contracted 0.9% in June, which represented a notable improvement over the 9.9% drop recorded in May and marked the softest decline in five months. As a result of the contraction in imports, the trade deficit came in at USD 6.2 billion in June, which marked an improvement over the USD 7.0 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 June 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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