Turkish November current account deficit seen at $5.45bn

By bne IntelliNews January 12, 2015

Turkey’s November current account (CA) deficit is expected to come in at $5.45bn, according to a Reuters poll of economists. The CA shortfall was $4.2bn in November 2013.

The current account deficit narrowed 38.3% y/y to $2.03bn in October (market consensus: $1.9bn) as foreign trade shortfall fell 20% y/y, the latest balance of payments data of the Central Bank showed.

Turkey’s CA deficit is expected to narrow to $45bn at the end of 2014 from $65bn at the end of 2013, the Reuters poll also showed. This is below the government’s CA deficit estimate of $46bn (or 5.7% of GDP) for 2014. For 2015, the government also foresees a CA shortfall of $46bn (or 5.4% of GDP). If oil prices continue to fall, Turkey’s CA deficit will shrink further. Turkey spends around $45bn-$50bn on energy imports each year.

The statistics office TUIK will release the CA deficit data for November on January 13.

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