Turkey's current account posts $518M deficit in November

Turkey's current account balance saw a deficit of $518 million in November 2019, official figures revealed Monday.

The balance posted a $1 billion surplus in the same month of 2018, according to the Central Bank of the Republic of Turkey (CBRT).

The bank's balance of payments figures showed the country's 12-month rolling surplus amounted to $2.7 billion.

An Anadolu Agency survey on Friday showed that economists had estimated the current account balance to post a deficit of $450 million in November.

"This development is mainly attributable to a $1.1 billion deficit recorded in the goods item, against a surplus of $412 million observed in the same month of 2018," the bank said.

The CBRT data also showed Turkey's current account deficit – excluding gold and energy – posted a $3.65 billion surplus in November 2019, down $930 million in the same month last year.

Travel items, which constitute a major part of the services account, saw a net inflow of nearly $1.4 billion, increasing by $177 million year-on-year in November.

The country's New Economic Program (NEP), unveiled last September, forecast a current-account-surplus-to-GDP ratio of 0.1% for 2019.