Turkey's current account balance posts surplus in September
ANKARA - Anadolu Agency
In the previous month, the balance posted a surplus for the first time over the past three years with a $1.86-billion surplus.
Monday's figures also met expectations, as an Anadolu Agency survey on Friday showed that a group of 19 economists had forecast a surplus of $1.97 billion on average.
"In this month, goods deficit decreased by $5.9 billion compared to the same month of 2017, realizing as $825 million," the bank said. "And primary income deficit decreased by $127 million to $938 million."
"Services item recorded net inflow of $3.5 billion increasing by $358 million year-on-year, mainly stemming from $166 million net increase in travel revenues observing as $2.85 billion in September 2018," it added.
The bank also reported that the 12-month rolling deficit fell to nearly $46 billion as of September, while the current account balance recorded a deficit of around $30 billion in January-September this year.
In 2017, Turkey's annual current account deficit was some $47.5 billion -- around 5.6 percent of the country's GDP. Over the last two decades, the country's highest annual current account deficit was seen in 2011 with $74.4 billion.
The country's new economic program, announced in September, is targeting a current-account-deficit-to-GDP ratio of 4.7 percent this year, 3.3 percent next year, 2.7 percent in 2020, and 2.6 percent in 2021.