Turkey’s Current-Account Deficit Narrowed on Month in March

By Ed Frankl

Turkey’s current-account deficit narrowed in March compared with the previous month, data from the country’s central bank showed Thursday.

The current-account deficit was $4.48 billion in the third month of 2023 compared with a $8.78 billion deficit in February.

The shortfall was driven by a goods deficit of $6.30 billion, indicating that the growth in imports outweighed that of exports. However, services recorded a $3.01 billion surplus, driven by travel.

The news comes ahead of national elections on Sunday, for which incumbent President Recep Tayyip Erdogan is tight in polls against his main challenger Kemal Kilicdaroglu.

Mr. Kilicdaroglu has signaled a new direction in economic policy in the country should he win, including a more independent central bank.

Write to Ed Frankl at [email protected]

(END) Dow Jones Newswires

05-11-23 0326ET