The foreign trade deficit increased by 18.7%YoY in 2013
and rose to USD 99.8 billion. The share of the EU countries in
Turkey’s exports, which declined significantly in 2012, started
to increase again in 2013 due to the gradual recovery in
economic activity in the region.
In line with the domestic demand conditions and developments
in foreign trade, 12-month cumulative current account deficit
exhibited an increasing trend starting from April. However, in
the last two months of the year, the current account deficit
stabilized in response to the CBRT’s tightening of the monetary
policy and measures taken to limit the growth in household
spending. The 12-month cumulative current account deficit
expanded by USD 16.5 billion compared to the end of 2012 and
reached USD 65 billion by December 2013.
As a result of the rapid changes in the global conjecture,
portfolio investments displayed a volatile pattern in current
account financing, while foreign direct investments decreased
compared to previous years.
The Turkish Economy
The growth recorded in the first nine months of
2013 was substantially originated from private
sector consumption expenditures and public
investment expenditures.
Macroeconomic developments in 2013
Economic growth driven by consumption and investment
Turkey’s growth dynamics underwent a change in 2013 in
comparison to 2012. During this period, the private sector
consumption expenditures and government’s investment
expenditures were the main drivers of growth of the Turkish
economy, in parallel with the recovery in domestic demand
conditions.
3.1 points of the 4% growth recorded in the first nine months
of 2013 came from private sector consumption expenditures
and 1.3 points came from public investments expenditures. As
opposed to the previous year, net exports lowered the growth
by 2.2 points.
GDP - Sectoral Growth Rates (%)
Agriculture Industry
Services
Construction
GDP
2013
*
(*)
As of January - September
Construction
Services
Industry
Agriculture
GDP
2012
0
4
8
12
Activities
24
İşbank
Annual Report 2013
