Turkey’s current account deficit drops in December

ANKARA

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Turkey’s current account deficit stood at $4.27 billion in December 2016, down by $784 million compared to the same month in 2015, an official data showed on Feb. 14. 

Considering the full year of 2016, the current account deficit was announced $32.61 billion with a slight increase from $32.12 billion in 2015, according to the Central Bank data. 

The data showed that in December the foreign trade balance contributed positively to the current account deficit, as the trade gap fell by $834 million to $4.2 billion.      

Net imports realized in nonmonetary gold item reached $1.26 billion in December, increasing from $292 million recorded in the same month of 2015.

Under services item, travel revenues however decreased by $186 million in comparison to the same month of 2015 reaching to $972 million, while travel expenditures decreased by $196 million, recording $272 million.

The primary income deficit decreased $87 million to $933 million in comparison to December 2015.

Investment income under primary income item indicated a net outflow of $863 million increasing by $60 million.

Direct investment recorded a net inflow of $1.5 billion, an increase in net liabilities, with a $23 million decrease compared to the same month of 2015.

Official reserves saw a net decrease of $6.9 billion.