Financial News: Turkey Current Account Deficit Widens

Turkey Current Account Deficit Widens

02/13/2025 - 05:49:00 (RTTNews)

(RTTNews) - Turkey's current account deficit increased notably in the final month of 2024 from a year ago, data published by the Central Bank of the Republic of Turkey on Thursday.

The current account shortfall rose to $4.65 billion from $1.7 billion in the corresponding month last year.

The deficit on trade in goods totaled $6.24 billion, up from the $4.54 billion shortfall a month ago, as imports grew faster than exports.

Meanwhile, the surplus on services trade grew to $3.15 billion from $2.92 billion. Under the services, net inflow in transportation and travel items realized $1.46 billion and $2.14 billion, respectively.

Primary income showed a shortfall of $1.7 billion, widened markedly from the prior month's $0.24 billion deficit. At the same time, the secondary income showed a surplus of $113.0 million versus $149 million last year.

The capital account balance was in a deficit of $9 million, turned from a surplus of $1.0 million a year ago. The financial account shortfall was $4.6 billion in December, narrowed from $6.2 billion.

In 2024, the current account deficit was mainly financed through direct investments with a net inflow of $4.7 billion, portfolio investments with a net inflow of $11.7 billion, and loans with a net inflow of $26.2 billion, the data showed.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

U.S. Producer Prices Rise Slightly More Than Expected In January (15 min(s), 24 sec(s) ago)
(RTTNews) - Following yesterday's hotter than expected consumer price inflation data, the Labo ...Full Story»

U.S. Weekly Jobless Claims Dip Slightly More Than Expected (21 min(s), 24 sec(s) ago)
(RTTNews) - First-time claims for U.S. unemployment benefits fell by slightly more than expected i ...Full Story»

UK Economy Unexpectedly Returns To Growth (27 min(s), 24 sec(s) ago)
(RTTNews) - The U.K. economy logged a surprise expansion in the fourth quarter of 2024, but the mi ...Full Story»

Brazil Retail Sales Fall 0.1% (53 min(s), 24 sec(s) ago)
(RTTNews) - Brazil's retail sales decreased unexpectedly at the end of the year, though slight ...Full Story»

Hungary Industrial Production Falls As Estimated (02 hr(s), 09 min(s), 24 sec(s) ago)
(RTTNews) - Hungary's industrial production declined at the steepest pace in five months as in ...Full Story»

UK Housing Market Likely To Pick Up Later This Year: RICS (02 hr(s), 30 min(s), 24 sec(s) ago)
(RTTNews) - The UK housing market is set to pick up later this year despite demand and sales remai ...Full Story»

Turkey Current Account Deficit Widens (03 hr(s), 08 min(s), 24 sec(s) ago)
(RTTNews) - Turkey's current account deficit increased notably in the final month of 2024 from ...Full Story»

Eurozone Industrial Output Falls More Than Expected (03 hr(s), 27 min(s), 24 sec(s) ago)
(RTTNews) - Eurozone industrial production registered a bigger-than-expected decline in December o ...Full Story»