Turkey's Nov. current account deficit beats forecasts

ANKARA (AA) – Turkey's economy ran a current account deficit of $2.27 billion in November, substantially lower than market forecasts for the month, official data showed on Wednesday.

The current account deficit was almost flat compared to the previous month, standing at around $2.27 billion in November – up just $32 million year-on-year, the Central Bank of Turkey said.

The median of analysts' forecasts surveyed by Anadolu Agency’s Finance Desk was $2.6 billion for the month, while the year-end overall current account forecast stood at $34.3 billion.

According to bank data, the 12-month rolling deficit fell to $33.65 billion, down from $33.7 billion in October.

The deficit in goods dropped $199 million to $2.9 billion, while the services surplus fell $292 million to $1 billion, the bank said in a statement.

Travel items under services recorded a net inflow of almost $1.3 billion, down $209 million compared to the same month in 2015, the bank added.