Turkey's current account balance sees $4B gap in Nov

ISTANBUL

Turkey's current account balance posted a deficit of $4.06 billion in November 2020, the country's Central Bank revealed on Monday.

The 12-month rolling deficit thus reached $37.97 billion, the bank noted.

The deficit increased by $4.05 billion in November 2020 versus the same month last year.

An Anadolu Agency survey last week showed that economists had expected a deficit of $3.4 billion.

Their estimates for the month ranged between $1.1 billion and $4.1 billion.

The bank said: "This development is mainly driven by the net outflow of $3.84 billion in the goods item increasing by $2.9 billion."

The net inflow of $555 million in services item dropped by $1.45 billion compared to November 2019, it added.

The bank said gold and energy excluded current account amounted to $632 million surplus, compared to $4.09 billion surplus in October 2019.

Travel items under services saw a net inflow of $583 million, down $964 billion year-on-year.

The bank also said the direct investments recorded a net inflow of $299 million during the month.