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Current Account Deficit Widens Beyond Expectations in December

TURKEY
  • Turkey’ posted a $48.8b current account deficit in 2022, according to data released by the Turkish central bank on Monday. The deficit widened to $5.91b (Est, -$5.45b) in December from a revised -$4.05b in November. Retail sales rose 21.8% y/y in December versus revised +11.8% in November.
  • The government may increase taxes on consumption goods including alcohol and tobacco to meet economic toll from two earthquakes which is estimated to be $100b, Bloomberg report citing Istanbul Analytics. Reconstruction costs will be around $85-90b, according to a report written by Istanbul Analytics Economist Guldem Atabay, who says “The government is likely to meet some of the $100b toll by increasing taxes.”
  • Bloomberg report that legal activists have blamed the government of blatantly covering up evidence by hastily demolishing a one-story state building, housing concrete samples and files about collapsed buildings. The country’s urbanization ministry denied the allegations. Meanwhile, at least 34 contractors are being investigated for potentially shoddy construction work, Turkish Justice Minister Bozdag said. The combined death toll in Turkey and Syria stands at nearly 35,000.
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