Turkey's current account deficit has widened in February 2024, reaching -3.27 billion USD, according to the latest data released on April 17, 2024. This marks a significant increase from the previous month of January 2024 when the deficit stood at -2.56 billion USD. The widening deficit indicates that Turkey's imports continue to outpace its exports, raising concerns about the country's trade balance and external financing needs.
The data underscores the challenges facing Turkey's economy, as it grapples with a depreciating currency, high inflation, and geopolitical tensions. The widening current account deficit could put further pressure on the Turkish lira and raise borrowing costs for the government and businesses. Analysts will be closely monitoring Turkey's economic policies and external trade dynamics in the coming months to assess the impact of the widening deficit on the country's economic stability.
