Türkiye’s current account starts 2025 with deficit jump: Central Bank

Türkiye’s current account deficit rose sharply to $3.79 billion in January, marking a more than 64% increase compared to the same month last year, driven by rising gold prices and energy costs.

Data released Wednesday by the Central Bank of the Republic of Türkiye (CBRT) showed that the goods sector recorded a deficit of $5.56 billion, while the services sector posted a net surplus of $3.08 billion in January.

The 12-month rolling current account deficit stood at $11.5 billion. Meanwhile, the current account balance—excluding gold and energy—showed a net surplus of $2.4 billion for the month.

‘External balance vulnerabilities are reduced’

In a post on X, Türkiye’s Treasury and Finance Minister Mehmet Simsek said the government expects the current account deficit to remain at a sustainable level—below $28.6 billion and 2% of the national income—throughout the year. He emphasized efforts to maintain a sustainable external balance and reduce the need for foreign financing by improving its quality through long-term funding sources.

Simsek also highlighted that Türkiye’s gross external financing requirement as a percentage of national income has improved by 5.4 percentage points over the past two years, falling to 18.6%—below the long-term average.

“This way, we have significantly reduced vulnerabilities related to the external balance, making our economy more resilient and robust,” he added.