Wider-Than-Expected Current Account Deficit in December

Turkey's current account deficit widened to US$7.3bn in December, bringing the full-year 2025 deficit to 1.6% of GDP. The widening was driven by higher core goods imports and primary income payments, though analysts expect the deficit to remain manageable through 2026.

Key Takeaways

• 1.Turkey's current account deficit widened to US$7.3bn in December, significantly exceeding both Goldman Sachs and consensus forecasts.
• 2.The full-year 2025 current account deficit settled at 1.6% of GDP, which is double the 2024 level but considered healthy by analysts.
• 3.Deterioration in the 2025 balance was primarily driven by a wider goods deficit resulting from higher core goods and gold imports.

Table of Contents

• Bottom Line
• Financial Account
• Key Figures
• Disclosure Appendix
• Reg AC
• Disclosures

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