Jan 12 2018

Turkish current account gap widens on imports, investment

Turkey's current account deficit widened to $3.4 billion in November, spurred by imports and an outflow in investment income.

The deficit increased from $1.9 billion a year earlier, the central bank said on its website on Friday.  data from the Central Bank of the Republic of Turkey showed Friday. It was expected to widen to $3.85 billion, according to a survey by state-run news agency Anadolu.

The 12-month rolling deficit increased to $43,8 billion.

Turkey's current account deficit is seen by analysts as the country's archilles heel as it seeks to boost growth and investment this year. 

Investment income showed a net outflow of $952 million in November compared with $532 million in the same period the previous year.

The trade deficit widened to $3.4 billion from $2.96 billion in October. The balance on trade in goods, services and primary income posted a shortfall of $4.45 billion versus a deficit of $4 billion in the previous month.