Turkey’s dependence on foreign sources of energy is one of its
structural weaknesses and means that the country’s current account is
vulnerable to rising oil prices. Turkey’s large manufacturing sector depends on
imported energy for production, and rising oil prices push imports higher and
widen the current account. Not surprisingly, in June 2008, when oil prices
averaged over US$130 per barrel, Turkey’s deficit hit a record-high, exceeding
US$5.5 billion for the month.
Current Account Balance (US$ Million, lhs) and Spot
Price of Oil (rhs)
Source: CBT, EIA
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