Survey of economists says 2022 Turkey deficit could grow to $40.2 bln

Robert Besser
10 Aug 2022, 02:04 GMT+10

Turkey's current accounts are expected to record a deficit of $3.4 billion in June and end the year with a deficit of more than $40 billion, according to a Reuters survey
In the survey of 11 economists, the median estimate for the current account deficit in June was $3.4 billion, with forecasts ranging from $2.35 billion to $5.2 billion
The trade deficit, a major component of the current account balance, soared 184.5 percent in June to $8.17 billion, mainly driven by Turkey's hefty energy import bill

ISTANBUL, Turkey: Turkey's current accounts are expected to record a deficit of $3.4 billion in June and end the year with a deficit of more than $40 billion, according to a Reuters survey.

In the survey of 11 economists, the median estimate for the current account deficit in June was $3.4 billion, with forecasts ranging from $2.35 billion to $5.2 billion.

The trade deficit, a major component of the current account balance, soared 184.5 percent in June to $8.17 billion, mainly driven by Turkey's hefty energy import bill.

The Turkish deficit is projected to reach $40.15 billion for 2022 as a whole, with the range of forecasts between $35 billion and $51 billion.

Economists have been revising up their forecasts for the 2022 deficit due to surging energy prices. The median forecast was $29 billion five months ago and $40.30 billion in last month's survey.

The government says Turkey's chronic current account deficit, which stood at $14.9 billion last year, will turn to a surplus under President Tayyip Erdogan's economic plan, which prioritizes growth, exports and employment with low interest rates.

However, Turkish exporters are revising down year-end targets, potentially derailing the government's plans as new orders drop amid signs of a global slowdown and inflationary pressures.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Russia Herald.

More Information

12 ℃

Mostly Cloudy in Moscow/Vnukovo

Business

Section

Black Hawks to replace Taipan helicopters: Australian defense minister

CANBERRA, Australia: Defense Minister Richard Marles told Nine Network television on September 29 that after a crash in July that ...

Apple's appeal on fines over App Store rejected by Dutch regulator

AMSTERDAM, The Netherlands: This week, Dutch competition regulator, the ACM, rejected an appeal by Apple against fines worth €50 million. ...

Japanese startup develops robot resembling 'Mobile Suit Gundam'

TOKYO, Japan: Tokyo-based startup Tsubame Industries has developed a four-wheeled robot that resembles the "Mobile Suit Gundam" from the popular ...

Gold Rush: Federal Government's bold move to attract Saudi investment in Reko Diq

ISLAMABAD, Pakistan - According to The News, the federal government is considering selling its stake in the Reko Diq project ...

Nasdaq dives 248 points as interest rates reach for the stars

NEW YORK, NEW YORK - U.S. stocks tumbled on Tuesday as interest rates on 10 and 30-year Treasury yields approached ...

Chief medical officer warns of levels of Cannabis use in Ireland

DUBLIN, Ireland: The chief medical officer has issued a stark warning regarding the alarming levels of cannabis consumption in Ireland, ...

World

Section