(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.
Turkey's current-account balance swung to deficit in November in the absence of a significant boost from tourism income and amid a widening gap in the trade of goods.
The deficit was $2.68 billion, compared with a revised surplus of $3.14 billion in October and a deficit of $3.55 billion a year earlier, the central bank said on its website Tuesday. Turkey posted a surplus for three months before November due to an improvement in trade and balance of services.
The median estimate in a Bloomberg survey was for a deficit of $2.5 billion. The 12-month rolling shortfall is $14.3 billion.
Key Insights
- Net goods trade registered a gap of $3.48 billion, compared with a deficit of $3.86 billion in November 2020 and a surplus of $82 million in October 2021. The trade gap rose partly due to increasing energy imports
- Balance of trade in services posted a $1.92 billion surplus as tourism income dropped from previous month with the end of travel season
- Official reserves rose by $2.83 billion while net portfolio outflows reached $1.45 billion
- Net errors and omission inflows -- capital movements categorized as coming from an unknown origin -- stood at $4.46 billion, taking the inflows so far this year to $19.7 billion
Get More
- Turkey received 1.76 million tourists from abroad in November, less than the 3.66 million average of the preceding three months
- The central bank predicts Turkey will post a current-account surplus in 2022 “due to the strengthening of the upward trend in exports”
©2022 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
