Turkey’s Current-Account Deficit Widened on Month in April
Published: June 12, 2023 at 3:10 a.m. ET
Turkey’s current-account deficit grew in April compared with the previous month, data from the country’s central bank showed Monday.
The current-account deficit was $5.40 billion in the fourth month of 2023 compared with a $4.48 billion deficit in March.
The shortfall was driven by a goods deficit of $7.01 billion, indicating that the growth…
By Ed Frankl
Turkey’s current-account deficit grew in April compared with the previous month, data from the country’s central bank showed Monday.
The current-account deficit was $5.40 billion in the fourth month of 2023 compared with a $4.48 billion deficit in March.
The shortfall was driven by a goods deficit of $7.01 billion, indicating that the growth in imports outweighed that of exports. However, services recorded a $2.92 billion surplus, driven by travel.
The news comes after the recent re-election of President Recep Tayyip Erdogan, who has signaled his administration might return to more orthodox economic policies in appointing the former First Republic Chief Executive Hafize Gaye Erkan as Turkey’s new central-bank governor and Mehmet Simsek as finance minister.
Write to Ed Frankl at [email protected]
-0-
