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Turkey reported current account deficit for a fourth consecutive month, driven by higher energy prices. 

The gap widened to $5.15 billion in February from $2.45 billion a year earlier, the central bank said on its website on Monday. The median of 11 estimates in a Bloomberg survey was a $5.30 billion shortfall.

The 12-month rolling gap widened to $21.8 billion from $19.1 billion the previous month.

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Key Insights

  • The shortfall in trade of goods was $6 billion, up from $2.1 billion a year earlier, driven by a surge in energy import costs
  • Services posted a $1.61 billion surplus, driven by a surge in tourism income which stood at $1.24 billion
  • Official reserves declined $2.22 billion
  • Net errors and omissions, or capital movements of unknown origin, showed monthly outflows of $511 million
  • Net portfolio outflows were $765 million

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  • Turkeys central bank removed the current account surplus prediction from its rate decision text in March after the economy posted a big

    deficit in January

  • The banks governor Sahap Kavcioglu will chair the next rate-setting meeting on Thursday. The bank is expected to hold the policy rate at 14%