Türkiye's current account deficit drops below $10B in 2024

By Mucahithan Avcioglu

ISTANBUL (AA) - Türkiye posted a current account deficit of $9.97 billion in 2024, according to the Türkiye's Central Bank figures on Thursday.

The goods deficit recorded $56.2 billion while services saw a net surplus of $61.99 billion in 2024.

In December, the account posted a deficit of $4.65 billion, exceeding forecasts of a deficit of $4 billion.

Goods posted a deficit of $6.24 billion in December.

Meanwhile, services saw a net surplus of $3.14 billion in December, with $1.5 billion net inflows in transportation and $2.14 billion in travel.

Excluding gold and energy, the current account posted a surplus of $2.46 billion for the month.

"With the support provided to increase exports of goods and services and the effect of measures to reduce imports, a significant decrease has been achieved in the current account deficit," Türkiye's Trade Minister Omer Bolat said Thursday on X.

"As the Ministry of Trade, we continue our efforts with determination to carry this success even further and contribute to the growth targets of our economy."

"Reductions in the current account deficit, on the one hand, support the process of reducing inflation by strengthening macroeconomic stability, and on the other hand, ensure a more balanced development of economic growth," he added.