Current account deficit in Turkey narrows further in August
The deficit contrasted the $0.3 billion surplus recorded in the same month last year. As a result, the 12-month trailing current account gap narrowed from $41.1 billion in July to $31.0 billion in August.
In August, merchandise exports expanded 5.4% in $terms over the same month last year. The reading contrasted the 13.0% decrease in July. Moreover, goods imports swung from a 20.6% decrease in July to a 3.1% increase in August.
As a result, the trade deficit came in at $3.5 billion in August, which was a smaller shortfall than the $3.7 billion deficit recorded in the same month last year.
FocusEconomics Consensus Forecast panelists expect the current account deficit to reach 4.7% of GDP this year. For 2017, the panel sees the current account deficit at 4.9% of GDP. ■