Projected Decrease in Annual Current Account Deficit to $15 Billion in August
Former Turkish Deputy Prime Minister Mehmet Şimşek recently shared important information regarding the country’s foreign trade balance on his social media account. According to Şimşek, the annual foreign trade deficit decreased by 43 billion dollars in September compared to May of last year, reaching 79 billion dollars.
“We expect the annual current account deficit to decrease to approximately 15 billion dollars in August and to be at similar levels in September. Thus, the ratio of the annual current account deficit to national income in the third quarter will be 1 percent, dropping below .5,” Şimşek stated.
He emphasized that the decreasing current account deficit not only reduces the need for external financing but also contributes significantly to the main target of permanent price stability by supporting macro financial stability.
Şimşek’s insights shed light on the positive developments in Turkey’s foreign trade balance and showcase the country’s progress in achieving economic stability.
