Turkey Current Account Deficit Largest Since 2023

Turkey’s current account posted a deficit of $5.70 billion in April 2026, the smallest shortfall since November 2025, narrowing from a deficit of $8.45 billion in the same month a year earlier. The goods account deficit shrank to $6.82 billion from $9.89 billion in April 2025, while the primary income gap stood at $2.40 billion, compared with $2.38 billion a year earlier. In contrast, the secondary income deficit widened to $0.15 billion from $0.10 billion. Meanwhile, the services account surplus eased to $3.67 billion from $3.94 billion. Excluding gold and energy, the current account registered a surplus of $0.32 billion. In the first four months of the year, the country recorded a current account deficit of $29.37 billion, up from $22.59 billion in the corresponding period of 2025.

Turkey's current account deficit widened sharply to $9.7 billion in March 2026 from $4.9 billion in the same month of the previous year. It marked the largest current account shortfall since January 2023, as the goods account deficit almost doubled to $9.5 billion from $4.9 billion in March 2025, while the services account surplus slightly fell to $2.6 billion from $2.7 billion. Moreover, the secondary income deficit increased significantly to $0.2 billion from $0.009 billion. In contrast, the primary income shortfall slightly decreased to $2.5 billion in March 2026 from $2.7 billion a year earlier. Excluding gold and energy, the current account deficit reached $3.9 billion. Over the first quarter, the country recorded a current account shortfall of $23.7 billion, higher than $14.1 billion in the corresponding period a year earlier.

Turkey's current account deficit widened to $7.50 billion in February 2026 from $5.22 billion in the same month last year, in line with market forecasts. This marked the largest deficit since April 2025, as the goods account deficit rose to $7.48 billion from $5.48 billion in February 2025, while the services account surplus narrowed to $2.01 billion from $2.27 billion. Additionally, the secondary income account recorded a deficit of $0.18 billion, swinging from a $0.01 billion surplus last year. Meanwhile, the primary income gap decreased to $1.86 billion from $2.02 billion. Excluding gold and energy, the current account posted a $1.46 billion shortfall in February 2026, shifting from a $1.35 billion surplus in the same month last year. Over the first two months of the year, the country recorded a current account deficit of $14.54 billion, higher than $9.25 billion in the corresponding period a year earlier.