Türkiye's current account balance registered a deficit of $7.25 billion (TL 317.11 billion) in December, lifting the annual gap to $25.2 billion, mainly driven by a foreign trade gap, official data showed on Friday.
Vice President Cevdet Yılmaz and Treasury and Finance Minister Mehmet Şimşek said the balance still maintained sustainable levels despite challenging global conditions.
The shortfall was more than double the deficit in 2024 and up from a gap of $4 billion in November, according to the Central Bank of the Republic of Türkiye (CBRT).
The deficit in December marked the highest level in eight months. Surveys had estimated a gap of around $5.2 billion in December and about $24 billion in 2025 as a whole.
Yılmaz said the 2025 shortfall was consistent with the government's Medium-Term Program (MTP) forecasts.
"Our macrofinancial stability continues to strengthen with the current account deficit remaining at sustainable levels, the decreasing country risk premium, and the increasing sovereign credit rating outlook," he wrote on the social media platform X.
The goods deficit, which constitutes a major part of the current account balance, amounted to $69.7 billion last year, while services recorded a net surplus of $63.5 billion.
The primary and secondary income realized a net deficit of $18.5 billion and $528 million, respectively, the CBRT data showed.
On a monthly basis, the balance excluding gold and energy registered a deficit of $691 million in December.
The foreign trade posted a deficit of $7.44 billion, while services saw a surplus of $2.65 billion, with net travel income at $2.53 billion under this item.
Net outflows from direct investment amounted to $465 million, while portfolio investments posted a net inflow of $73 million. Official reserves decreased by $4.13 billion.
For the end of 2025, the government had revised down its current account deficit-to-GDP ratio expectation to 1.4%.
Şimşek said the annual deficit was expected to have amounted to 1.6% of gross domestic product in 2025. The gap had reached 5% of GDP in mid-2023, before declining to 0.8% in 2024.
Excluding gold, the balance posted an average deficit of 3% of GDP in the 2003-2023 period, Şimşek said X. He recalled a surplus of 0.2% in 2024 and said a limited deficit of around 0.3% was projected for 2025.
For 2026, Şimşek said the moderate course of energy prices, an improving outlook among main trading partners, and a supportive euro/dollar parity are expected to contribute positively to current account targets.
"We continue to implement structural steps that will make our gains in the current account balance permanent," he said.
Yılmaz said the current account deficit is expected to maintain its "moderate" course throughout 2026 and "will continue to support the disinflation process, which we are reinforcing through structural reforms."