Current account deficit rises in November (09.01.2008)

Turkey's current account deficit increased by 9.1 percent to $3.27 billion in November 2007 over the same month in 2006, when it was $2.99 billion, according to the balance of payment figures for Novemer 2007 released yesterday by the Turkish Central Bank.

The current account deficit in the January-November period of 2007 increased by 11.6 percent to $32.76 billion from $29.35 billion over the same period in 2006. When sub-items are considered in the payment balance, the foreign trade deficit increased by 29.4 percent to $3.7 billion over last year in November. However, the surplus in services has increased by 11 percent to $584 million; the surplus stemming from current transfers -- interest payments, etc. -- has decreased by 3.4 percent to $169 million and the deficit in other revenues has declined by 61.6 percent to $321 million.