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.