Turkish current account deficit to narrow to $3.6 billion – survey

Turkey’s current account deficit probably narrowed in March from a year earlier, according to a survey of economists by the state-run Anadolu news agency.

The gap may decrease to $3.6 billion, the poll of 13 economists estimated, Anadolu reported late last week. Forecasts ranged between $3.2 billion and $3.9 billion.

Turkey posted a current account deficit of $5.4 billion in March 2020, when an initial outbreak of COVID-19 hit manufacturing, and $2.6 billion in February this year. The central bank is due to publish the data on Tuesday.

The Turkish authorities are seeking to boost exports as a proportion of imports to help narrow the deficit, which reached more than 5 percent of GDP last year. The shortfall pressured the lira, which fell to a record low against the dollar in November.

Turkey reported a current account gap of $36.7 billion in 2020. The deficit for this year is expected to total $27.1 billion Anadolu said, citing its survey. Forecasts ranged between shortfalls of $22 billion and $34 billion, it said.