NEWS ECONOMY NEWS        11/10/2023

Turkey’s current account deficit is USD 619 million in August 2023

The Turkish Central Bank recorded a USD 619 million current account deficit in August 2023, compared with a deficit of USD 2,753 million for the same month of the previous year.

 

The Central Bank showed exports as USD 21,224 million and imports as USD 28,328 million in August 2023, giving a trade deficit of USD 7,104 million, a decrease of 26.4% on the trade deficit of USD 9,657 million for the same month of the previous year.

 

For the first eight months of 2023, the current account deficit is USD 43,132 million, compared with a deficit of USD 35,060 million, an increase of 23%, for the same period of the previous year. 

 

For the total year of 2022, the current account deficit is USD 48,892 million, compared with a deficit of USD 7,232 million, an increase of 576.1%, for the previous year of 2021. These deficits compare with a deficit of USD 31,888 million for 2020, a surplus of USD 10,796 million for 2019, and deficits of USD 20,151 million for 2018, USD 39,955 million for 2017, and USD 26,668 million for 2016.

 

With regards items of the current account for August 2023, the Central Bank’s analysis was as follows :

“In August, current account recorded net deficit of USD 619 million. Gold and energy excluded current account indicated net surplus of USD 6,149 million. Goods deficit recorded USD 7,104 million. Services recorded a net surplus of USD 7,266 million. Under services, travel item recorded a net inflow of USD 5,749 million. Primary income recorded a net outflow of USD 922 million, whereas secondary income indicated a net inflow of USD 141 million.”

 

With regards the related Financial Account for August 2023, the Central Bank’s analysis was as follows :

“Direct investment recorded net inflow of USD 106 million. Portfolio investment recorded a net inflow of USD 880 million. As regards to sub-items of liabilities, non-residents’ transactions on equity securities recorded net sales USD 131 million, government domestic debt securities recorded net purchases of USD 382 million. Regarding the bond issues in international capital markets, banks realized net borrowing of USD 152 million. Under other investment, Turkish banks’ currency and deposits within their foreign correspondent bank accounts increased by USD 83 million. Non-resident banks’ deposit accounts held within domestic banks increased by USD 20 million, with an increase of USD 141 million in foreign currency and a decrease of USD 121 million in Turkish lira accounts. Regarding the loans provided from abroad, banks realized borrowing of USD 1,294 million, while General Government and other sectors realized net repayments of USD 122 million and USD 679 million, respectively. Official reserves increased by USD 5,134 million.”



Turkey’s net minimum wage has been raised 49% to TL 17,002 (USD 577) as of 01.01.2024       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 marginally to 64.86% in January 2024       Turkey’s official unemployment rate is 8.8% in December 2023       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 85,372,377 as of 2023 yearend       No. of foreigners visiting Turkey in 2023 increases 10.4% to 49.2 million       Turkey’s private sector foreign debt is USD 164.4 billion as of yearend 2023       Turkey’s economy grew 5.5% in 2022       FDI to Turkey is USD 10.6 billion in 2023       Turkey’s current account deficit is USD 45.2 billion in 2023