Turkey’s current account deficit increased notably in the final month of 2024 from a year ago, data published by the Central Bank showed on Thursday.
The current account shortfall rose to 4.65 billion dollars from 1.7 billion dollars in the corresponding month the previous year.
The deficit on trade in goods totaled 6.24 billion dollars, up from the 4.54 billion dollars shortfall a month ago, as imports grew faster than exports.
Meanwhile, the surplus on services trade grew to 3.15 billion dollars from 2.92 billion dollars.
Under the services, net inflow in transportation and travel items realised1.46 billion dollars and 2.14 billion dollars, respectively.
Primary income showed a shortfall of 1.7 billion dollars, widened markedly from the prior month’s 0.24 billion dollars deficit.
At the same time, the secondary income showed a surplus of 113 million dollars versus 149 million dollars the previous year.
The capital account balance was in a deficit of 9 million dollars, turned from a surplus of 1 million dollars a year ago.
The financial account shortfall was 4.6 billion dollars in December, narrowed from 6.2 billion dollars.
In 2024, the current account deficit was mainly financed through direct investments with a net inflow of 4.7 billion dollars.
Portfolio investments with a net inflow of 11.7 billion dollars, and loans with a net inflow of 26.2 billion dollars, the data showed.