Foreign direct investment tripled in Turkey to $489 million

The interest of foreigners, who increased their direct investments in Turkey by 31% last year to $7.6 billion, the highest level since 2015, continues to increase. According to the Central Bank’s balance of payments data, foreign direct investments in Turkey increased by 166% compared to January of the previous year, from $184 million to $489 million. Foreigners made the largest direct investment in the manufacturing industry with $267 million. It was noted that $300 million of the $489 million investment came from Switzerland.


On the other hand, the current account deficit, which was $1 billion 776 million in January 2021, increased to $7 billion 112 million in the same month of this year. The current account surplus excluding gold and energy, which was $1 billion 251 million in January of last year, reached $1 billion 487 million in the same period of this year. In this period, net inflows from services balance increased by $975 million and reached $1 billion 631 million. The annual current account deficit was $20.2 billion.


On the other hand, according to the data announced by the Turkish Statistical Institute, industrial production increased by 7.6% in January on an annual basis. Thus, the annual increase in industrial production, which started in June 2020, reached 20 months on an annual basis. The highest increase on an annual basis was 11.1% in high technology products. Industrial production decreased by 2.4% on a monthly basis.

The turnover index in industry, construction, trade and service sectors increased by 90.9% in January. Retail sales volume at constant prices increased by 7.9% in January compared to the same month of the previous year.

Source: Sabah / Translated by Irem Yildiz

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