Current account gap at $2.68 in November

Current account gap at $2.68 in November

Current account gap at $2.68 in November

Turkey’s current account balance posted a $2.68 billion deficit in November 2021 after recording surplus for three months in a row, according to official data released by the Turkish Central Bank yesterday.

The figure was down $866 million compared to November 2020. The 12-month rolling deficit totaled $14.25 billion.
“This development is mainly driven by the net inflow of $1.9 billion in services item increasing by $794 million compared to the same month of the previous year and the net outflow of $3.47 billion in the goods item decreasing by $385 million,” the bank said.

Gold and energy excluded current account indicated a surplus of some $2.4 billion, more than double from $1.14 billion a year ago, it added.

Travel item under services posted a net inflow of $1.55 billion, up $712 million year on year.
Turkey posted current account surplus of $3.15 billion in October 2021, $1.67 billion in September 2021 and $893 million in August. In July 2021, current account gap was $514 million.

According to the medium-term economic program, Turkey’s current account deficit to GDP ratio is projected to be 2.2 percent this year. The government is aiming for the GDP to exceed $850 billion in 2022.