Turkey’s current account deficit widens in November

Turkey’s current account deficit widens in November

ANKARA
Turkey’s current account deficit widens in November

Turkey’s current account deficit hit $4.2 billion in November 2017, marking an increase of $1.94 billion year-on-year, state-run Anadolu Agency has reported, citing official data released on Jan. 12.

According to the Central Bank’s balance of payments report, the country’s 12-month rolling deficit reached $43.75 billion in November.

“This development in the current account is mainly attributable to a $1.82 billion increase in the goods deficit recording a net outflow of $4.67 billion, as well as a $555 million increase in the primary income deficit to $1.04 billion,” the Bank stated.

Travel, a major item under services, recorded a net inflow of $1.2 billion in November, increasing by $322 million from the same month in 2016, it added.

Central Bank data also showed that Turkey’s current account gap in the first 11 months of 2017 stood at $39.4 billion, up from $28.6 billion in the same period of 2016.

Turkey’s annual current account deficit in 2016 was around $32.5 billion, relatively stable compared to the previous year’s figure of $32.1 billion.

According to Central Bank figures, Turkey’s highest annual current account deficit over the last 20 years was in 2011 with $74.4 billion.

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