Current Account Correction Continues

The current account deficit is reported at $1bn in March, well below the $4.3bn deficit posted during March 2008. This brings the cumulative annual current account deficit to $30.5bn from $33.7bn in February. The current account correction is owed primarily to a sharp contraction in the trade deficit, which fell by over 50%.

 The current account adjustment has been larger and more rapid than what the headline figure suggests. Seasonal factors somewhat disguise the extent of the adjustment. It is expected that in Q3 Turkey’s account balance will be positive and remain there until Q4, when it likely again will begin posting deficits.

Source:  Goldman Sachs Report

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