ANL 23.10 Decreased By ▼ -0.70 (-2.94%)
ASC 16.10 Decreased By ▼ -0.30 (-1.83%)
ASL 22.25 Decreased By ▼ -0.40 (-1.77%)
BOP 8.55 Increased By ▲ 0.17 (2.03%)
BYCO 8.96 Increased By ▲ 0.15 (1.7%)
FCCL 18.07 Decreased By ▼ -0.40 (-2.17%)
FFBL 24.45 Decreased By ▼ -0.15 (-0.61%)
FFL 17.90 Decreased By ▼ -0.15 (-0.83%)
FNEL 8.40 Decreased By ▼ -0.14 (-1.64%)
GGGL 22.09 Decreased By ▼ -0.21 (-0.94%)
GGL 43.18 Decreased By ▼ -0.77 (-1.75%)
HUMNL 7.02 Decreased By ▼ -0.15 (-2.09%)
JSCL 20.85 Decreased By ▼ -0.73 (-3.38%)
KAPCO 37.90 Decreased By ▼ -0.20 (-0.52%)
KEL 3.61 Increased By ▲ 0.01 (0.28%)
MDTL 3.00 Decreased By ▼ -0.07 (-2.28%)
MLCF 36.30 Decreased By ▼ -0.18 (-0.49%)
NETSOL 153.30 Decreased By ▼ -4.45 (-2.82%)
PACE 5.98 Decreased By ▼ -0.03 (-0.5%)
PAEL 31.20 Decreased By ▼ -0.45 (-1.42%)
PIBTL 9.36 Decreased By ▼ -0.11 (-1.16%)
POWER 7.90 Decreased By ▼ -0.14 (-1.74%)
PRL 20.85 Decreased By ▼ -0.13 (-0.62%)
PTC 10.40 Increased By ▲ 0.02 (0.19%)
SILK 1.67 Decreased By ▼ -0.02 (-1.18%)
SNGP 43.19 Decreased By ▼ -0.56 (-1.28%)
TELE 22.06 Decreased By ▼ -0.64 (-2.82%)
TRG 173.50 Decreased By ▼ -2.41 (-1.37%)
UNITY 36.20 Decreased By ▼ -0.77 (-2.08%)
WTL 3.25 Decreased By ▼ -0.08 (-2.4%)
BR100 4,979 Decreased By ▼ -47.44 (-0.94%)
BR30 24,460 Decreased By ▼ -312.8 (-1.26%)
KSE100 46,636 Decreased By ▼ -284.38 (-0.61%)
KSE30 18,480 Decreased By ▼ -177.85 (-0.95%)

Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
27,135
6324hr
Pakistan Cases
1,221,261
2,51224hr
4.4% positivity
Sindh
449,349
Punjab
420,615
Balochistan
32,722
Islamabad
103,923
KPK
170,738
Markets

Turkey's C/A deficit seen at $3.03b in May

  • Turkey's import-reliant economy, worth $717 billion in 2020
09 Jul 2021

ISTANBUL: Turkey's current account is expected to show a deficit of $3.03 billion in May, a Reuters poll showed on Monday, with the full-year deficit seen narrowing thanks to rising exports and a partial recovery in tourism revenues.

Turkey's import-reliant economy, worth $717 billion in 2020, has been prone to big trade deficits and a boom-bust growth cycle that was exacerbated by last year's pandemic.

The current account recorded a deficit of $36.72 billion in 2020 due mostly to a sharp rise in the trade deficit and plunging tourism revenues due to coronavirus fallout.

The median estimate in a Reuters poll of 12 economists showed a deficit of $3.03 billion in May, with estimates ranging between deficits of $1.5 billion and $3.2 billion. The deficit was $3.76 billion in May 2020.

Turkey's C/A deficit seen $3.8bn in March

A major component of the current account, the trade deficit widened 20.2% year-on-year to $4.13 billion in May, according to the Turkish Statistical Institute.

An uptick in tourism revenue and exports are expected to narrow the deficit in 2021 as a whole compared to last year. The median estimate for the full-year deficit was $23.25 billion, in a range of $18 billion to $29.1 billion.

Turkey's 12-month current account ended 2019 in surplus for the first time since 2001, though the monthly reading dipped back towards the end of the year as the economy recovered from a recession brought on by a 2018 currency crisis.

The central bank is scheduled to announce the May current account data at 0700 GMT on July 9.

Comments

Comments are closed.