Türkiye reports current account deficit of USD2.87B in November 2024
Date
1/13/2025 8:07:29 AM
(MENAFN) Türkiye reported a current account deficit of USD2.87 billion in November 2024, according to data released by the Central bank on Monday. The figure aligned with market expectations and highlighted ongoing economic challenges. When excluding gold and energy, however, the current account showed a net surplus of USD3.4 billion, reflecting strength in specific sectors despite broader deficits.
The goods trade balance continued to weigh heavily on the overall figures, with a deficit of USD5.2 billion in November. Meanwhile, services contributed positively to the current account, recording a net surplus of USD3.7 billion for the month. Within the services category, transportation generated net inflows of USD1.34 billion, while travel brought in USD2.63 billion, underscoring the significant role of tourism and logistics in Türkiye’s economy.
On an annualized basis, the current account deficit widened to USD7.4 billion in November, with the goods trade deficit accounting for USD54.6 billion of that figure.
The Central Bank further noted that services and secondary income continued to provide some relief, with annual surpluses of USD60.9 billion and USD565 million, respectively. However, these gains were partially offset by a primary income deficit of USD14.3 billion, illustrating the persistent challenges in balancing external accounts.
MENAFN13012025000045015839ID1109084167
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.