(Bloomberg) -- Turkey reported current account deficit for a fourth consecutive month, driven by higher energy prices.
The gap widened to $5.15 billion in February from $2.45 billion a year earlier, the central bank said on its website on Monday. The median of 11 estimates in a Bloomberg survey was a $5.30 billion shortfall.
The 12-month rolling gap widened to $21.8 billion from $19.1 billion the previous month.
Key Insights
- The shortfall in trade of goods was $6 billion, up from $2.1 billion a year earlier, driven by a surge in energy import costs
- Services posted a $1.61 billion surplus, driven by a surge in tourism income which stood at $1.24 billion
- Official reserves declined $2.22 billion
- Net errors and omissions, or capital movements of unknown origin, showed monthly outflows of $511 million
- Net portfolio outflows were $765 million
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- Turkey's central bank removed the current account surplus prediction from its rate decision text in March after the economy posted a big deficit in January
- The bank's governor Sahap Kavcioglu will chair the next rate-setting meeting on Thursday. The bank is expected to hold the policy rate at 14%
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