Turkey Current Account


Turkey: Rebalancing process continues

January 11, 2013

In November, the current account balance incurred a deficit of USD 4.5 billion. The figure was better than the USD 5.4 billion deficit recorded in the same month the year before as well as market expectations of a USD 4.9 billion shortfall. As a result of the monthly figure, the 12-month trailing current account deficit narrowed for the 12th consecutive month, falling from USD 52.8 billion in October to USD 51.9 billion in November (approximately equivalent to 6.7% of GDP), the lowest deficit recorded since January 2011.

Exports expanded the most in 14 months, rising 24.8% in USD terms over the same month the previous year, well above the 10.8% increase recorded in October. Meanwhile, imports increased 12.3%, which contrasted the 4.8% decline observed in October. As a result, the trade deficit reached USD 5.5 billion in November, which marked an improvement over the USD 6.2 billion shortfall recorded in the same month the year before.

Author: Ricard Torné, Head of Economic Research

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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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