Turkey's current account deficit drops in December

ANKARA (AA) – Turkey’s current account deficit was at $4.27 billion in December 2016, down $784 million compared to the same month in 2015, according to official data released Tuesday.

The figure was largely in line with forecasts as a panel of 15 experts questioned by Anadolu Agency predicted an average $4.3 billion current account deficit for December 2016.

A report from the Central Bank showed that in December the foreign trade balance contributed positively to the current account deficit, as the trade deficit fell $834 million to $4.2 billion.

Net imports realized in nonmonetary gold items such as jewelry, as well as dentistry, were $1.26 billion in December 2016, up $292 million from the same month in 2015.

Service items showed the economy still suffering from a decline in tourism income, as travel revenues fell $186 million from a year earlier to $972 million, and travel expenditures were down $196 million to $272 million.

According to bank data, the annual current account deficit in 2016 was $32.6 billion compared to the 2015 figure of $32.2 billion, suggesting that Turkey’s economy managed to restrain the current account deficit despite challenges inside and outside the country.