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Jan 11 2019

Turkish current account in surplus for fourth month

Turkey’s current account posted a surplus for the fourth consecutive month in November as a sharp slowdown in economic activity slashed demand for imports.

The current account was in surplus by $968 million versus a deficit of $4.48 billion In November 2017, the central bank in Ankara said on its website on Friday. The figure compared with a surplus of $965 million predicted in a Reuters poll of 18 economists.

Turkey’s economy is reeling from the after effects of a currency crisis sparked by fears of economic overheating and a political spat with the United States. The crisis, which peaked in August, brought losses of 28 percent for the lira during 2018 and a quarterly economic contraction of 1.1 percent for the third quarter of the year.

Turkey registered a surplus of $523 million in trading in goods during November as imports slid an annual 21 percent. That compared with a $4.78 billion deficit in the same month of the previous year. It also produced a surplus in services of $1.48 billion, an increase of $386 million over November 2017.

The November surplus reduced the 12-month current account deficit to $33.9 billion, or 4.1 percent of the country’s reported gross domestic product of $833 billion. The deficit had widened to as much as 6.5 percent of GDP earlier last year because of a surge in imports.

The current account deficit is expected to narrow to $28 billion for the whole of 2018, according to the Reuters poll, which was published on Jan. 9.

Turkey current account