A poll conducted vy Reuters with participation of 13 institutions showed current account deficit estimates for February in the $4.7 billion to $6.2 billion band. In the survey, the expectation for 2022 was revised from $ 29 billion to $ 38.25 billion.
After energy imports reached historic record levels, the current account deficit is expected to reach $ 5.5 billion in February. The current account deficit had reached a four-year peak with a record increase in energy costs of $7.1 billion in January.
Energy bill skyrockets after Ukrainian war
Decimating the current account deficit, recorded at $ 14.9 billion last year, and shifting to surplus were among the main goals of the new economic plan of President Tayyip Erdogan and Minister of Treasury and Finance Nureddin Nebati. This plan also aimed at increasing growth, employment, exports and investments by keeping interest rates low.
However, oil, natural gas and grain prices, which rose sharply after the Russian invasion of Ukraine, are expected to further increase Turkey’s current account deficit.
The risks in tourism revenues due to the war between the two countries, which are the main source of tourists coming to Turkey, will also put additional pressure on the current account balance.
