Turkey Current Account


Turkey: Current account deficit widens in February

April 11, 2013

In February, the current account balance incurred a deficit of USD 5.1 billion. The figure was worse than both the USD 4.3 billion deficit recorded in the same month last year and market expectations of a USD 4.6 billion shortfall. As a result of the monthly figure, the 12-month trailing current account deficit widened for the second consecutive month, rising from USD 47.6 billion in January to USD 48.4 billion in February (approximately equivalent to 6.0% of GDP).

Exports expanded 6.2% in USD terms over the same month last year, well below the 11.1% increase recorded in January. Meanwhile, imports increased 9.1%, which followed the 7.5% rise observed in January. As a result, the trade deficit reached USD 5.6 billion in February, which marks a deterioration over the USD 4.8 billion shortfall recorded in the same month last year.

FocusEconomics Consensus Forecast panellists expect the current account deficit to reach 6.7% of GDP this year. For 2014, the panel forecasts the current account deficit to widen to 7.0% of GDP.


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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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