Turkey's current account deficit narrowed sharply to USD 0.59 billion in March 2019 from USD 4.73 billion in the same month last year, compared to market expectations of a USD 0.984 billion gap. The goods deficit shrank to USD 0.92 billion from USD 4.64 billion a year earlier and the primary income gap decreased to USD 1.17 billion from USD 1.28 billion, while the services surplus rose to USD 1.30 billion from USD 1.19 billion. Considering the first quarter of the year, the current account deficit declined to USD 1.94 billion from USD 16.23 billion in the same period of 2018. Current Account in Turkey averaged -1416.87 USD Million from 1984 until 2019, reaching an all time high of 2639 USD Million in October of 2018 and a record low of -9407 USD Million in March of 2011.
Current Account in Turkey is expected to be -2000.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in Turkey to stand at -1850.00 in 12 months time. In the long-term, the Turkey Current Account is projected to trend around -2200.00 USD Million in 2020, according to our econometric models.