Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
💎 Access the Market Tools Trusted by Thousands of Investors Get Started
Turkey's current account deficit seen at $8.5 billion in Feb; $45 billion in 2023
Published Apr 05, 2023 08:13AM ET
Updated Apr 10, 2023 12:30AM ET
ISTANBUL (Reuters) -Turkey is expected to record a current account deficit of $8.5 billion in February on back of high gold and energy imports, a Reuters poll showed on Wednesday, while the deficit was seen at $45 billion in 2023.
The median estimate of 10 economists in the poll for the current account deficit in February was $8.5 billion, with forecasts ranging from $5.78 billion to $9 billion.
Turkey's trade deficit, a major component of the current account, widened 51.4% in February to $12.08 billion, data showed, mainly due to the sharp rise in gold imports and surging cost of energy imports.
Excluding energy and gold, the trade deficit stood at $2.46 billion, according to data from the statistics institute.
The median forecast of seven economists for the current account deficit in 2023 was $45 billion, with estimates ranging between $35 billion and $63 billion.
Ankara expects a deficit of $22 billion this year, according to official forecasts announced in September, more than halving from last year's $48.8 billion, which was again largely driven by energy and gold.
Under President Tayyip Erdogan's new plan, authorities are working to turn Turkey's chronic current account deficit to a surplus, which the central bank says will help establish price stability.
Economists are monitoring the impact of the massive earthquakes that hit the country's southeast as well as the course of energy and gold imports. The earthquakes led to a $1.5 billion drop in exports in February, trade ministry data showed.
Turkey's central bank is scheduled to announce February current account data at 0700 GMT on April 10.
(Polling by Ezgi Erkoyun; Editing by Kirsten Donovan)
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.