NEWS ECONOMY NEWS        11/05/2021

Turkey’s current account deficit is USD 3.3 billion for March 2021

The Turkish Central Bank recorded a USD 3,329 million current account deficit in March 2021, a decrease of USD 2,124 million (39%) on the deficit of USD 5,453 million for the same month of the previous year.

 

The Central Bank showed exports as USD 18,779 million and imports at USD 21,738 million in March 2021, giving a trade deficit of USD 2,959 million, a decrease of USD 1,396 million (32.1%) on the trade deficit of USD 4,355 million of the same month of the previous year.

 

For the first quarter of 2021, the current account deficit is USD 7,769 million, compared with a deficit of USD 8,841 million for the same period of the previous year. 

 

For the total year of 2020, the current account deficit is USD 37,264 million, compared with a surplus of USD 5,934 million for 2019, and deficits of USD 21,743 million for 2018, USD 40,813 million for 2017, and USD 27,039 million for 2016.

 

With regards items of the current account, the Central Bank’s analysis was as follows :

“The current account deficit recorded USD 3,329 million indicating a decrease of USD 2,124 million compared to March of the previous year, bringing the 12-month rolling deficit to USD 36,192 million. This development is mainly driven by USD 1,396 million decrease in the goods deficit compared to same month of the previous year recording USD 2,959 million, as well as USD 374 million increase in services surplus to USD 767 million. Gold and energy excluded current account indicated USD 319 million deficit, which was observed as USD 1,643 million deficit in the same month of the previous year. Under services, travel item recorded a net inflow of USD 742 million increasing by USD 228 million compared to the same month of the previous year. Primary income outflow decreased by USD 27 million on net basis compared to the same month of the previous year, realizing USD 1,184 million. Secondary income recorded net inflow of USD 47 million, in contrast to USD 280 million outflow in the same month of the previous year.”

 

With regards the related Financial Account, the Central Bank’s analysis was as follows :

“Direct investment recorded net inflow of USD 363 million. Portfolio investment recorded a net outflow of USD 5,699 million. As regards to sub-items through liabilities, non-residents’ transactions on equity securities indicated net sales of USD 1,033 million and government domestic debt securities recorded net sales of USD 915 million. Regarding the bond issues in international capital markets, banks and General Government realized net repayments of USD 229 million and USD 3,649 million, respectively. Under other investment, Turkish banks’ currency and deposits within their foreign correspondent banks increased by USD 3,648 million. Non-resident banks’ deposit accounts held within domestic banks expanded by USD 1,055 million, with an increase of USD 1,775 million in foreign currency and a decrease of USD 720 million in Turkish lira accounts. Regarding the loans provided from abroad, banks and other sectors realized net borrowings of USD 374 million and USD 202 million respectively, while General Government realized net repayments of USD 136 million. Official reserves recorded net outflow of USD 6,169 million.”

 



Turkey’s net minimum wage has been raised 21.56% to TL 2,825.90 (USD 380) as of 01.01.2021       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s official annual inflation rate increases to 17.53% in June 2021       Turkey’s official unemployment rate decreases to 13.2% in May 2021       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 83,614,362 as of 2020 yearend       Foreigners visiting Turkey in 2020 falls by 71.7% to 12.7 million       Turkey’s private sector foreign debt is USD 173.9 billion as of 2020 yearend       Turkey’s economy grew by 1.8% in 2020       Foreign Direct Investment inflow to Turkey was USD 7.7 billion in 2020