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Financial Times — World — Economy — Turkish Politics — Turkish Economy — Recep Tayyip Erdoğan

Turkey’s current account deficit hits highest level since records began

Turkey posted a record high current account deficit of $9.85bn in January, the highest since 1984. The lira has lost 60% of its value since March 2021 and inflation hit 85% late last year. Net errors and omissions for the first time in 12 months, central bank data showed.

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  • Turkey posted a record high current account deficit of $9.85bn in January, the highest since 1984.
  • Turkey’s trade deficit widened 38% in January to $14.24bn, hitting the country's balance of payments.
  • The lira has lost 60% of its value against the US dollar since March 2021.
  • Inflation hit 85% late last year before slowing to 55% last month.
  • Net errors and omissions for the first time in 12 months, central bank data showed.
Turkey’s current account deficit hits highest level since records began
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Financial TimesAyla Jean Yackley

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