Economy

Turkiye's current account balance sees $2.68B deficit in November

Deficit down $866M versus same month last year, Central Bank figures show

Gokhan Ergocun   | 11.01.2022
Turkiye's current account balance sees $2.68B deficit in November

ISTANBUL

Turkiye's current account balance posted a $2.68 billion deficit in November 2021, down $866 million year-on-year, according to official data announced Tuesday.

The country's 12-month rolling deficit totaled $14.25 billion, showed figures released by the Turkish Central Bank.

"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 saw a net inflow of $1.55 billion, up $712 million year-on-year, while direct investment recorded a net inflow of $359 million.

An Anadolu Agency survey last week showed that a group of 15 economists projected the current account balance would post a $2.23 billion deficit in November.

The end-2021current account balance was expected to register a deficit of $14.7 billion, with estimates ranging between $10 billion and $16 billion.

In October 2021, the country posted a current account surplus of $3.15 billion.

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