Current account

There is already strong evidence that disinflation has begun, and it will accelerate, Treasury and Finance Minister Mehmet Şimşek has said, adding that it would be more visible in the second half of 2024.

The Greek economy grew by 2.1% in the third quarter of 2023 compared with the same period last year, with the country's GDP rising by 0.02% between the third and second quarter of 2023, the Hellenic Statistical Authority said on Wednesday.

Standard & Poor's (S&P) has confirmed Türkiye's credit rating as "B" and changed its credit rating outlook from "stable" to "positive."

"Confidence in our medium-term program is increasing," Treasury and Finance Minister Mehmet Şimşek wrote on social media platform X on Dec.1, commenting on S&P's move.

Türkiye's current account swung to a surplus in June for the first time since October 2021, helped by tourism revenues, data from the Central Bank showed on Aug. 11.

The country's current account surplus was $674 million in June, larger than what most analysts had expected. In May, the current account balance produced a deficit of $7.84 billion.

The government has announced a 20 percent additional charge for some gold and jewelry imports, apparently in an attempt to help efforts to reduce the current account deficit.

Greece's current account deficit fell by 431.3 million euros year-on-year to stand at €1.6 billion, the Bank of Greece said on Friday.

In a monthly report the central bank said that the reduction in the goods deficit could be attributed to a larger drop in imports than exports in absolute terms.

Türkiye's current account deficit rose from $5.4 billion in April to $7.93 billion in May, according to official data.

Excluding gold and energy, the current account indicated a net deficit of $1.2 billion, the Central Bank said on July 11.

Exports and imports stood at $21.3 billion and $31.8 billion, leading to a foreign trade deficit of $10.48 billion in May.

The Turkish Central Bank's international reserves rose from $98.5 billion on May 26 to $108.6 billion on June 30, while the net reserves improved by $14.2 billion over the same period, Treasury and Finance Minister Mehmet Şimşek said on July 11. 

Τhe Greek economy will grow at a slower pace this year compared with 2022, as a result of a slowdown in the global economy in an environment of high inflation, tighter fiscal and monetary policy and uncertainty, the Foundation for Economic and Industrial Research (IOBE) said in its quarterly economic outlook report released on Wednesday.

Türkiye's current account deficit has widened from $4.9 billion in March to $5.4 billion in April, the Central Bank has announced.

The deficit was $2.54 billion in April last year.

"Gold and energy excluded, the current account indicated net deficit of $480 million in April," the bank said.