Turkey: Current account deficit was $3.84 billion in December

While the current account account gave a deficit of $3 billion 841 million in December 2021, the 12-month current account deficit became $14 billion 882 million.

According to the balance of payments data announced by the Central Bank of the Republic of Turkey (CBRT), the current account deficit increased by $401 million in December last year compared to the same month of 2020 and amounted to $3 billion 841 million.

As a result, the 12-month current account deficit rose to $14 billion 882 million.

Thus, the highest monthly deficit in 1.5 years was recorded in the current account balance.

In the same period, the foreign trade deficit defined in the balance of payments increased by $1 billion 625 million and reached $4 billion 989 million.

Current account surplus excluding gold and energy, which was $700 million in December 2020, was $2 billion 279 million in the same month of last year. In this period, net inflows from services balance increased by $1 billion 122 million to $1 billion 710 million.

Under the services balance, net revenues arising from the travel item reached $1 billion 306 million in December last year, an increase of $689 million compared to the same month of 2020. Net outflows from the primary income balance increased by $37 million to $666 million in the same period.

In the secondary income balance item, which recorded a net outflow of $35 million in December 2020, a net inflow of $104 million was realized in the same month of 2021.

Economists participating in the survey conducted by AA Finans expected a deficit of $3 billion 980 million in the current account in December 2021. On the other hand, the current account deficit for November was revised from $2 billion 681 million to $2 billion 824 million.

Source: NTV / Translated by Irem Yildiz

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