Turkish January current account date to be released today.

By bne IntelliNews March 12, 2014

The Central Bank will release the current account (CA) data for January, today (March 12).

The markets are looking for a CA deficit of USD 5.2bn. The CA deficit stood at USD 5.81bn in January 2013 and if the CA shortfall figure comes in at USD 5.2bn as the markets expects this will point to a 10.5% y/y and 37.3% m/m decline. Turkey last year ran a CA deficit of USD 65bn (around 8% of its national income). In December 2013 alone, the CA shortfall was USD 8.3bn.

The CA deficit is expected to shrink this year as the economic growth slows and domestic demand weakens while trade deficit, the main driving force behind the CA shortfall, should be improving due to a weaker TRY and recovery in the EU, Turkey’s main trade partner. In January, Turkey’s foreign trade deficit fell 6.8% y/y to USD 6.8bn (market forecast: USD 7.3bn) as exports rose 8.6% y/y and imports increased only 2.6% y/y. The Turkish Exporters’ Assembly (TIM) reported that exports showed a 4.3% y/y increase in February.

Related Articles

Professor says climate change putting Turkey at risk of becoming a “disease-prone desert”

Turkey is at risk of becoming a “disease-prone desert” with water resources and forests disappearing, Hurriyet Daily News reported Professor Mikdat Kadioglu from Istanbul Technical University’s ... more

Turkey’s lira and shares start moving sideways as significance of early elections is debated

The strongly positive initial reaction given by markets to April 18’s surprise announcement of snap elections in ... more

Turkish lira’s chronic weakness credit negative for Turkey’s sovereign rating says Moody’s

The chronic weakness of the Turkish lira (TRY) is credit negative for Turkey’s sovereign debt rating and poses ... more