Turkey's January Current Account Deficit Hits All-Time High

Turkey’s current account deficit widened to $9.85 billion in January, data from the central bank showed on Monday, the highest level in four decades of available data, driven by a soaring energy bill and gold imports.

It was highest monthly deficit since 1984, the first year for which such data is available, according to central bank records. Before that time Turkey did not have an economy large enough to generate such a deficit, data shows.

Flipping Turkey’s chronic current account deficit, at $48.7 billion in 2022, into a surplus has been one of the main goals under President Tayyip Erdogan’s economic programme that also prioritises growth, exports and employment with low rates.

Source : Turkey’s January Current Account Deficit Hits All-Time High