Current account posts $1.55B surplus in October

ISTANBUL-Anadolu Agency

Turkey's current account balance posted a surplus of nearly $1.55 billion in October, according to official figures released on Dec. 11.

The figure marked $1 billion drop from the same month last year.

The Turkish Central Bank's balance of payments figures showed the country's 12-month rolling surplus amounted to $4.33 billion.

An Anadolu Agency survey on Dec. 9 showed that economists had estimated current account balance to saw a surplus of $1.6 billion in October.

The forecast of a group of 13 economists hovered between $1.3 billion and $1.9 billion.

"This development in the current account is mainly attributable to $924 million deficit in goods against $630 million surplus observed in the same month of the previous year," the bank said.

The CBRT also said Turkey's current account deficit -- excluding gold and energy -- posted a $5.3 billion surplus in October 2019, down $700 million in the same month last year.

Travel items, which constitute a major part of the services account, saw a net inflow of nearly $2.76 billion, increasing by $238 million year-on-year in October.

The country's new economic program, unveiled in September, forecast a current-account-surplus-to-GDP ratio of 0.1% for 2019.