Turkey Current Account to GDP Ratio

Turkey's current account deficit to GDP narrowed to an estimated 0.8% in 2024, the highest level since 2021, from a 3.5% deficit in 2023. This improvement resulted from a lower energy deficit, a reduced gold trade deficit, a surplus in the core trade balance and a services income recovery due to strong tourism. The 12-month rolling current account deficit also shrank to $10 billion or 0.8% of GDP, at the end of 2024, a significant decrease from $39.9 billion in 2023. Non-resident inflows increased to $64.7 billion in the first ten months of 2024, up from $49 billion in the same period of 2023. However, the current account deficit widened in April 2025 to $7.86 billion from $4.83 billion in April 2024. This widening was caused by a larger goods account deficit and an increased primary income gap, outweighing a rise in the services account surplus year-on-year. The overall balance of payments improved in 2024 due to resilient exports and contracting imports, though monetary policy had limited impact on consumption goods imports. The external deficit is forecast to grow to 1.2% of GDP in 2025 but is expected to stay below the long-term average. Turkey's record low current account to GDP was -9% in 2011 and its record high was 2% in 2019.