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Turkey: Current account sees $2.8B gap in December

ANKARA

Turkey’s current account balance posted a deficit of $2.8 billion in December 2019, the Turkish Central Bank announced Friday.

Official data showed that the figure widened $1.7 billion from the same month of previous year.

The country’s 12-month rolling surplus totaled $1.67 billion, the bank said.

An Anadolu Agency survey on Wednesday showed that economists had projected the current account balance to post a $3 billion deficit in the month.

The estimates of a group of 14 economists ranged between $2.6 billion and $3.3 billion.

The survey also found Turkey’s current account balance is projected to post a $1.2 billion surplus in 2019.

The figure was driven by $2.1 billion rise in goods deficit recording net outflow of $3.4 billion, the bank said, adding that primary income gap also rose $93 million to $1.1 billion.

Current account surplus excluding gold and energy totaled 1.5 billion, indicating a fall of $1,4 million compared to December 2018.

Travel items, which constitute a major part of the services account, recorded a net inflow of $1.1 billion in December 2019, increasing $214 million compared to the same month of previous year, the bank added.

Commenting on data, Turkey’s treasury and finance minister said 12-month rolling surplus of $1.67 billion reflects the success of stabilization process in 2019.

“We will take firm steps towards our sustainable current account balance and growth targets in line with motto of transformation begins,” Berat Albayrak said on Twitter. 

The government will continue to support real sector and exports, and to reduce costs, Albayrak stressed.

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