Wider-Than-Expected Current Account Deficit in Turkiye

Turkiye's current account deficit widened to US$7.3bn in December, resulting in a full-year 2025 deficit of 1.6% of GDP. While wider than expected, the deficit remains manageable and is supported by record-high corporate debt rollover ratios.

Key Takeaways

• 1.Turkiye's current account deficit for December widened to US$7.3bn, 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 of 0.8%.
• 3.Deterioration in the account was primarily driven by higher core goods and gold imports, alongside seasonal drops in tourism revenue.

Table of Contents

• Bottom Line
• Financial Account
• Key Figures
• Disclosure Appendix
• Reg AC
• Disclosures
• Regulatory disclosures
• Global product; distributing entities
• General disclosures

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