NEWS ECONOMY NEWS        13/11/2023

Turkey’s records a current account surplus of USD 1.9 billion in September 2023

The Turkish Central Bank recorded a USD 1,876 million current account surplus in September 2023, compared with a deficit of USD 3,024 million for the same month of the previous year.


The Central Bank showed exports as USD 21,797 million and imports as USD 25,454 million in September 2023, giving a trade deficit of USD 3,657 million, a decrease of 54.5% on the trade deficit of USD 8,037 million for the same month of the previous year.


For the first nine months of 2023, the current account deficit is USD 40,835 million, compared with a deficit of USD 38,212 million, an increase of 6.9%, for the same period of the previous year. 


For the total year of 2022, the current account deficit is USD 49,086 million, compared with a deficit of USD 7,232 million, an increase of 578.7%, 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 September 2023, the Central Bank’s analysis was as follows :

“In September, current account recorded net surplus of USD 1,876 million. Gold and energy excluded current account indicated net surplus of USD 7,118 million. Goods deficit recorded USD 3,657 million. Services recorded a net surplus of USD 6,253 million. Under services, travel item recorded a net inflow of USD 5,033 million. Primary income recorded a net outflow of USD 851 million, whereas secondary income indicated a net inflow of USD 131 million.”


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

“Direct investment recorded net outflow of USD 337 million. Portfolio investment recorded a net inflow of USD 1.018 million. As regards to sub-items of liabilities, non-residents’ transactions on equity securities recorded net sales USD 263 million, government domestic debt securities recorded net purchases of USD 90 million. Regarding the bond issues in international capital markets, banks and other sectors realized net borrowings of USD 1,429 million and USD 400 million, respectively. Under other investment, Turkish banks’ currency and deposits within their foreign correspondent bank accounts decreased by USD 3,258 million. Non-resident banks’ deposit accounts held within domestic banks increased by USD 414 million, with an increase of USD 162 million in foreign currency and USD 252 million in Turkish lira accounts. Regarding the loans provided from abroad, banks, other sectors and General Government realized borrowing of USD 1,632 million, USD 354 million and USD 152 million, respectively. Official reserves increased by USD 7,663 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