Current account deficit of Turkey over the expectations

Current account deficit of Turkey over the expectations

Turkey's balance of payments on current accounts posted a deficit of $2.029 million in November, which was over the market expectations. As a result, balance of payments on current accounts reported a total deficit of $12.7 billion since the beginning of the year. This figure was recorded as $5.1 billion in the same period of last year. At the same time, 12-month total deficit reached $15.7 billion, in other words reached 4.9% of the projected GNP (Gross National Product). As it was recorded in the previous months, the main reason behind the current account deficit was trade balance deficits. In November, trade balance reported a deficit of $2.1 billion compared to $610 million recorded in the same period of last year. The mentioned deficit was partly financed by the service item. However, factor income items, which reported a deficit of $567 million, caused a deficit in current accounts.