Turkey posted a current account surplus of USD 0.99 billion in November 2018, compared to a deficit of USD 4.48 billion in the same month a year earlier and market expectations of a USD 0.97 billion surplus. It was the fourth straight month of current account surplus. The goods account posted a surplus of USD 0.52 billion in November 2018, swinging from a USD 4.78 billion deficit in the same month last year, with imports tumbling 21.1 percent and exports jumping 7.5 percent amid a weak lira. Also, the services surplus increased to USD 1.48 billion from USD 1.09 billion a year ago. The primary income deficit went up to USD 1.23 billion from USD 1.07 billion and the secondary income surplus declined to USD 0.22 billion from USD 0.28 billion. Considering January-November 2018, the current account deficit narrowed sharply to USD 26.19 billion from USD 39.61 billion in the same period of 2017. Current Account in Turkey averaged -1423.55 USD Million from 1984 until 2018, reaching an all time high of 2746 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 -1500.00 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 -2100.00 in 12 months time. In the long-term, the Turkey Current Account is projected to trend around -3200.00 USD Million in 2020, according to our econometric models.