(Repeats with no changes to text)
ISTANBUL, April 5 (Reuters) – Turkey is expected to
record a current account deficit of $8.5 billion in February on
back of high gold and energy imports, a Reuters poll showed on
Wednesday, while the deficit was seen at $45 billion in 2023.
The median estimate of 10 economists in the poll for the
current account deficit in February was $8.5
billion, with forecasts ranging from $5.78 billion to $9
Turkey’s trade deficit, a major component of the current
account, widened 51.4% in February to $12.08 billion, data
showed, mainly due to the sharp rise in gold imports and surging
cost of energy imports.
Excluding energy and gold, the trade deficit stood at $2.46
billion, according to data from the statistics institute.
The median forecast of seven economists for the current
account deficit in 2023 was $45 billion, with estimates ranging
between $35 billion and $63 billion.
Ankara expects a deficit of $22 billion this year, according
to official forecasts announced in September, more than halving
from last year’s $48.8 billion, which was again largely driven
by energy and gold.
Under President Tayyip Erdogan’s new plan, authorities are
working to turn Turkey’s chronic current account deficit to a
surplus, which the central bank says will help establish price
Economists are monitoring the impact of the massive
earthquakes that hit the country’s southeast as well as the
course of energy and gold imports. The earthquakes led to a $1.5
billion drop in exports in February, trade ministry data showed.
Turkey’s central bank is scheduled to announce February
current account data at 0700 GMT on April 10.
(Polling by Ezgi Erkoyun; Editing by Kirsten Donovan)