Turkey’s current account deficit decreases

DAILY SABAH
ISTANBUL
Published 13.11.2014 23:54
Turkey’s current account deficit decreases

The Turkish central bank announced yesterday its balance of payments for September revealing that the current account deficit for the month was $2.2 billion. The deficit between January-September had decreased by $18.3 billion to $30.8 billion when compared to last year. Accordingly, the current foreign trade deficit also decreased by $15.4 billion to $45.2 billion and the net service income increased from $2.2 billion to $20.1 billion. Furthermore, the primary income deficit also decreased by $802 million to $6.6 billion.

Instead of the terms "balance of income" and "current transfers" used in the Fifth Book of Balance of Payments, "primary" and "secondary income" terms will be used instead for the Balance of Payments and International Investment Position Sixth Hand Book (the Sixth Handbook). The net outflow of funds due to investment income that were included under primary income decreased by $880 million to $6.3 billion and the net inflow of the secondary income balance decreased by $158 million to $819 million.

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