Turkey's current account deficit shrank to USD 0.55 billion in June 2019 from USD 3.02 billion in the same month of the previous year but larger than an expected USD 0.27 billion shortfall. The goods deficit narrowed to USD 2.60 billion from USD 4.42 billion a year earlier and the services surplus increased to USD 3.17 billion from USD 2.41 billion. Meantime, the primary income gap rose to USD 1.19 billion from USD 1.05 billion a year earlier while the secondary income deficit rose to USD 0.08 billion from USD 0.05 billion in June 2018. Considering the first six months of the year, the country's current account gap declined sharply to USD 3.26 billion from USD 31.05 billion in the same period of 2018. Current Account in Turkey averaged -1410.31 USD Million from 1984 until 2019, reaching an all time high of 2619 USD Million in October of 2018 and a record low of -9407 USD Million in March of 2011.
Current Account in Turkey is expected to be 1900.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in Turkey to stand at -2400.00 in 12 months time. In the long-term, the Turkey Current Account is projected to trend around -2200.00 USD Million in 2020, according to our econometric models.