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

Turkey to refuse extradition of all suspects to US unless Washington hands over Gulen says Erdogan

Turkey will not extradite any terror suspects to the US if Washington continues to refuse to hand over Fethullah Gulen, President Recep Tayyip Erdogan said on January 11. Ankara blames the ... more

Turkey rebukes Arab nations for feeble response to Trump’s Jerusalem move ahead of Muslim summit in Istanbul

Turkey has chided what it sees as a feeble Arab reaction to Donald Trump’s decision to reverse decades of US foreign policy by recognising Jerusalem as Israel’s capital. Speaking on December ... more

Russia said to offer Turkey partial financing for S-400 anti-aircraft missile system purchase

Russia is to offer Turkey partial financing for Ankara’s acquisition of S-400 surface-to-air missile systems, Interfax news agency quoted a Russian presidential aide as saying on December 12. ... more