Turkey current account gap more than doubles to $2.9 billion in December

Turkey’s current account deficit more than doubled to $2.9 billion in December from the same month a year earlier.

The deficit increased by $1.7 billion, the central bank said on Friday. A Reuters poll of economists had predicted a gap of $3.05 billion. The bank said the deficit was largely attributable to an increase in imports.

The country posted a surplus of $1.67 billion for 2019. A currency crisis ripped through the economy the previous year, causing a slump in demand for imports, but Turks are now buying more imported goods after the central bank slashed interest rates and consumer confidence rose.