Turkey's current account deficit narrows in November 2015
The country's 12-month rolling deficit falls to $34.7B, according to Turkish central bank
Turkey
ANKARA
Turkey's current account deficit narrowed to $2.105 billion in November 2015, a decrease of $3.689 billion from November of the previous year, Turkish central bank said in a statement Monday.
"This development in the current account is mainly attributable to $3.6 billion decrease in the deficit in goods item, recording $2.9 billion. Besides, the services item indicated a net surplus of $1.4 billion, increasing by $159 million," the statement said.
The 12-month rolling deficit narrowed to $34.7 billion, the statement added.
Investment income saw a net outflow of $628 million.
Direct investment recorded a net inflow of $92 million, the statement said.
Portfolio investment recorded a net outflow of 3.076 billion.
"Cheaper energy was the major factor in the current account narrowing," commented Vladimir Miklashevsky, an economist with Danske Bank in Helsinki.
