Turkey's current account deficit up

Turkey's current account deficit was posted as 24.2 billion USD in January-July period of 2010.

Turkey's current account deficit up

Turkey's current account deficit increased 630 percent to 3.4 billion USD in July 2010, and rose 209 percent to 24.2 billion USD in January-July period of 2010.

Current account deficit was 471 million USD in July 2009, and it was 7.8 billion USD in January-July period of 2009, stated Turkey's Central Bank on Wednesday.

Turkey's foreign trade deficit --which was 10.8 billion USD in January-July period of 2009-- increased to 26.2 billion USD in January-July period of 2010.

Exports (FOB) revenues increased 13.4 percent to 64.407 million USD and shuttle trade revenues increased also 8 percent to 2.958 million USD, while imports (CIF) including gold imports increased 32.1 percent to 99.336 USD in January-July period of 2010.

Non monetary gold recorded a surplus of 594 million USD in January-July 2010, decreasing 80.9 percent in comparison with the same period in 2009.

The travel revenues increased 4.4 percent to 10.043 million USD, and the travel expenditures also increased 17.8 percent to 2.704 million USD in January-July 2010 over the same period in 2009. As a result, the net travel revenues increased 0.2 percent to 7.339 million USD during the same period in 2010.

Income account consisting of compensation of employees and investment income recorded a net outflow of 4.472 million USD in January-July 2010, reflecting 6.3 percent decrease over the same period of 2009. The main sub-items under investment income, namely direct investment, portfolio investments and other investment consisting of the interest income and expenditures recorded a net outflow of 1.362 million USD, 382 million USD and 2.659 million USD respectively in January-July 2010.

The financial account recorded a net capital inflow of 24.761 million USD in January-July 2010, in comparison to net inflow of 1.590 million USD observed in the same period of 2009.

As regards to non-residents' net direct investment in Turkey, which includes the inter-company loans received from parent companies abroad and real estate purchases of non-residents in Turkey, it reached 4.387 million USD in January-July 2010 decreasing 12.2 percent in comparison with 4.996 million USD observed in the same period of 2009. As regards the sub-items, net real estate purchases of nonresidents in Turkey are estimated to increase 90.2 percent realizing as 1.725 million USD and net loans received from parent companies abroad recorded a net disbursement of 182 million USD in January-July 2010.

Residents' net direct investment abroad recorded 1.043 million USD in January-July 2010, increasing from 899 million USD in the same period of 2009.

As a result of these developments, direct investment indicated a net inflow of 3.344 million USD in January-July 2010, a decrease 18.4 percent over the same period of 2009.

Portfolio investment, which had resulted in a net inflow of 873 million USD in January-July 2009, also showed a net inflow of 10.809 million USD in the same period of 2010.

As for the developments in portfolio investments' assets side, it is observed that residents' security transactions abroad recorded net purchases of 1.452 million USD in January-July 2009, and 848 million USD in the same period of 2010 as well.

As for the developments in portfolio investments' liabilities side regarding the bond issues in international capital markets, since general government did not realize a new issue or repayment in July 2010, the net disbursement figure of 2.396 million USD realized in the first half of this year remained unchanged in January-July 2010, whereas banking sector borrowed 1 billion USD through new bond issues in international capital markets in July 2010.

Non-residents' security transactions associated with equity securities recorded net purchases of 571 million USD in July 2010 resulting in net purchases of 1.322 million USD in January-July 2010. Furthermore, government debt securities issued in the domestic capital market recorded net purchases of 2.401 million USD in July 2010 resulting in net purchases of 6.939 million USD in January-July 2010.


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Last Mod: 15 Eylül 2010, 12:06
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