Turkey's current account deficit reached 8.9 billion in March 2011, the Turkish Central Bank announced on Wednesday.

Turkey's current account deficit increased 120.5 percent over the same period of 2010.

According to the balance of payments report made public by Central Bank for March 2011, current account deficit was 22.1 billion USD in Jan-March 2011. Current account
deficit was 10.2 billion USD in the same period of 2010.

The increase in foreign trade deficit triggered the rise in the current account deficit, the bank said.

In a general sense, the balance of payments is a statistical statement that systematically records all the economic transactions between residents of a country (Central Government, monetary authority, banks, other sector) and nonresidents for a specific time period.

Economic transactions consist of those involving;

- goods, services and income,
- transactions of financial claims and liabilities,
- one-sided transactions between residents and nonresidents for the
provision of real and financial resource transfers without quid pro quo.

AA