https://ahvalnews.com-Turkey may report a current account deficit of $4 billion for December, the biggest since November 2020, after global energy prices surged, according to the median estimate of economists surveyed by Reuters.
Estimates for the deficit ranged between $3.5 billion and $7 billion, Reuters said on Monday. The country reported a current account gap of $3.21 billion in December 2020.
Turkey is seeking to close its current account deficit as part of an economic programme focused on keeping interest rates at below the rate of inflation, help for exporters and a cheaper lira. The lira lost 44 percent of its value last year. But Turkey’s economy is heavily reliant on imported goods and raw materials, including oil and natural gas, to meet consumer needs and to make products for export.
Turkey reported a trade deficit of $6.79 billion in December, partly due to the surge in energy prices. Turkey imports nearly all the energy that it consumes. The trade gap for January more than tripled to $10.4 billion, according to preliminary government data published last week.
The country is expected to register a current account deficit of $15 billion for the whole of last year, less than the government’s forecast of $21 billion, Reuters said. The gap was $36.7 billion in 2020 after lower exports and a plunge in tourism revenue.