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TURKEY: Current Account Surplus Narrows to $2.99bn in September

TURKEY
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  • Turkey’s current account surplus narrowed to $2.99bn in September (Est: $2.8bn) from a revised surplus of $4.85bn in August, according to data from the CBRT. Commenting on the data in a post on X, Finance Minister Simsek said, “We expect the annual current account deficit to decline to 0.8 percent in the third quarter and the downward trend to continue in the final quarter.”
  • Meanwhile, data from the Turkish Statistical Institute showed that retail sales rose 15.9% y/y in September versus a revised +13.7% in August. On a month-on-month basis, retail sales rose 2.3% compared to +2.3% prior.
  • Dunya report that the President of the Istanbul Chamber of Industry, Erdal Bahcivan, said “We are faced with a level of inflation that has caused great damage. The biggest price and sacrifice in solving the problem is paid by the industrialists,” adding that a U-turn in the fight against inflation could cause permanent damage.
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  • Turkey’s current account surplus narrowed to $2.99bn in September (Est: $2.8bn) from a revised surplus of $4.85bn in August, according to data from the CBRT. Commenting on the data in a post on X, Finance Minister Simsek said, “We expect the annual current account deficit to decline to 0.8 percent in the third quarter and the downward trend to continue in the final quarter.”
  • Meanwhile, data from the Turkish Statistical Institute showed that retail sales rose 15.9% y/y in September versus a revised +13.7% in August. On a month-on-month basis, retail sales rose 2.3% compared to +2.3% prior.
  • Dunya report that the President of the Istanbul Chamber of Industry, Erdal Bahcivan, said “We are faced with a level of inflation that has caused great damage. The biggest price and sacrifice in solving the problem is paid by the industrialists,” adding that a U-turn in the fight against inflation could cause permanent damage.