Turkish November current account deficit to be announced today, USD 4.2bn deficit expected.

By bne IntelliNews January 14, 2014

The central bank of Turkey will release the current account data for November 2013 today (January 14).

The market is expecting a deficit of USD 4.2bn. In November 2012 the current account deficit was USD 4.08bn and in October 2013 the current account posted a deficit of USD 2.89bn. If the CA deficit comes in at USD 4.2bn as expected the 12-month cumulative deficit would amount to USD 60.9bn which corresponds to around 7.2% of GDP.

Domestic demand and consequently imports remain strong, TRY has depreciated sharply, having negative consequences on energy import bill while export growth has been mild. Another factor adversely affecting the current account balance has been Turkey’s large amount of gold imports.

The IMF warns Turkey on its vulnerabilities to the external shocks and current account deficit risk. The domestic demand-led growth was leading to a renewed deterioration in inflation and the current account deficit, the Fund said. The IMF expects the current account deficit to narrow to 7.2% of GDP this year from 7.4% in 2013. The government’s CA deficit forecasts for 2013 and 2014 are 7.1% (or USD 58.8bn) and 6.4% (or USD 55.5bn) respectively.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

EU enlargement commissioner calls on the bloc to reconsider its policies towards Turkey

EU Enlargement Commissioner Johannes Hahn has called for a new policy stance towards Turkey after President Recep Tayyip ... more

Turkey issues arrest warrants for dozens of ex-finance ministry employees

Arrest warrants have been issued for 70 former employees of Turkey's Finance Ministry over alleged links to last year’s coup attempt. According to local media, investigators have discovered ... more

Iranian military's chief of staff visits Turkey for first time since 1979

Chief of Staff of the Iranian Armed Forces General Mohammad Baqeri on August 16 met with Turkish President Recep Tayyip Erdogan and Defence Minister Nurettin Canikli in Ankara. On August 15, ... more

Most Read

  1. COMMENT: How will the new US sanctions affect Russia’s economy?
    5 days ago
  2. Russian bank Otkritie significantly reduces its holding of Russia 2030 Eurobonds
    5 days ago
  3. Russia still playing important role in Ukraine’s trade as turnover rises in H1
    6 days ago
  4. Two in five Russians (39%) are teetotalers
    7 days ago
  5. Kyiv ranks in top 10 of least liveable cities in world, EIU study shows
    7 days ago
  1. Erdogan lashes out at Germany, Nato, says "God willing" he'll have Russian missiles soon
    28 days ago
  2. Polish passport design provokes Lithuania and Ukraine
    19 days ago
  3. STOLYPIN: Donbas continues to be as unpredictable as it is unloved
    29 days ago
  4. Ukrainian farmers turn to Donbas veterans for protection from raiders
    29 days ago
  5. EU allows Gazprom to use an additional 40% of OPAL gas pipeline's capacity
    30 days ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss