Current account deficit widens to $4.4 billion in February

ISTANBUL

Türkiye’s current account deficit widened from a revised $4 billion in January to $4.4 billion in February, data from the Central Bank showed on April 14.

This was only slightly higher than the market expectation of a $4.3 billion deficit.

The current account gap was $3.33 billion in February last year.

The current account, excluding gold and energy, indicated a net surplus of $2.16 billion, the Central Bank said.

The goods deficit amounted to $5.73 billion in February, rising from $4.7 billion in the previous month, according to the latest data.

Net inflows from the services stood at $2.45 billion, with net revenues from transportation and travel services reaching $1.2 billion and $2 billion, respectively.

The net inflow of direct investments was $11 million in February, while portfolio investments recorded a net inflow of $2.6 billion.

Non-residents’ investments in equity securities and government domestic debt securities market recorded net purchases of $25 million and $675 million, respectively.

The 12-month current account deficit increased $12.8 billion in February from $11.76 billion in January.

“As regards the annualized figures, the current account deficit was mainly financed through direct investments with a net inflow of $4.8 billion, portfolio investments with a net inflow of $15.2 billion,” said the Central Bank.