Turkey’s 12-month current account deficit exceeds 45 billion dollars

Turkey’s 12-month current account deficit exceeds 45 billion dollars
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While the current account deficit remained on an expansionary path in November, the latest data shows some loss of momentum in the pace of widening with a lower monthly reading than the analysts’ prediction

Turkey’s 12-month current account deficit exceeded 45 billion dollars as the country posted a consecutive current account deficit for the 13th month in November.

Net errors and omissions continued in November and were recorded as 22.3 billion dollars in the January-November period, according to the November statistics of the Turkish Central Bank (CBRT.)

Earlier, a Reuters poll suggested that the analysts expected a current account deficit of $4.1 billion in November, and the yearly deficit at $48 billion as soaring energy prices derailed Ankara's plans to shore up the shortfall.

The key drivers of the monthly reading over the same month of the previous year have remained the same: a higher energy trade deficit and a rapid increase in net gold trade.

Services income, on the other hand, remained strong with a more than 46% year-on-year increase, contributing to the lower-than-expected monthly deficit.

The surplus in core trade (excluding gold and energy) slightly increased and limited the deterioration in the current account.