In the broadest terms, Balance of Payments is a statistical report prepared to show the systematic records of economic transactions between residents of a country with residents of another country (non-residents) over a certain period of time. The international standards regarding the compilation of the balance of payments statistics are defined in the Balance of Payments and International Investment Position Manual prepared by the International Monetary Fund (IMF) to provide guidance to member countries. These standards ensure comparability of the balance of payments statistics among countries.
Turkish Balance of Payments statistics are issued on a monthly basis and compiled based on the 6th edition of the IMF's Balance of Payments and International Investment Position Manual released in 2009.
Data are available as time series in EVDS. Click here for access.
Balance of Payments Developments - December 2019
- The current account deficit recorded USD 2,798 million indicating an increase of USD 1,731 million compared to December of 2018, bringing the 12-month rolling surplus to USD 1,674 million.
- This development in the current account is mainly attributable to USD 2,089 million increase in the goods deficit recording net outflow of USD 3,402 million, as well as USD 93 million increase in primary income deficit to USD 1,087 million.
- Gold and energy excluded current account surplus recorded USD 1,454 million indicating a decrease of USD 1,429 million compared to December of 2018.
- Travel item under services recorded a net inflow of USD 1,112 million, increasing by USD 214 million compared to December of 2018.
- Investment income under primary income item indicated a net outflow of USD 955 million increasing by USD 75 million in comparison to December of 2018.
- Secondary income recorded net inflow of USD 291 million increasing by USD 165 million in comparison to December of 2018.
- Direct investment recorded a net inflow of USD 281 million.
- Portfolio investment recorded a net outflow of USD 871 million. As regards to sub-items through liabilities, non-residents’ equity securities transactions recorded net purchases of USD 89 million and government domestic debt securities transactions recorded net purchases of USD 12 million.
- Regarding the bond issues in international capital markets, banks realized net borrowing of USD 206 million.
- Under other investment, banks’ currency and deposits within their foreign correspondent banks increased by USD 272 million and nonresident banks’ deposits held within domestic banks increased by USD 333 million, on net basis.
- Regarding the loans provided from abroad, General Government realized net borrowing of USD 45 million, while banks and other sectors realized net repayments of USD 13 million and USD 3,027 million, respectively.
- Official reserves recorded net outflow of USD 539 million.
The Year-End Revisions
- Based on the year-end studies in accordance with the “Revision Policy”, starting from 2015, a number of revisions mainly in goods, services, direct investment, portfolio investment and other investment items have been made on the balance of payments statistics. While some of these revisions are only classification changes, others have an impact on the "Current Account" and the "Financial Account", and hence on the "Net Errors and Omissions" item.
- The trade data on customs warehouses are reflected to the goods via adjustment item, which covers the free zone trade statistics as well, beginning from 2013 in order to transform “Special Trade System” to the “General Trade System”.
- As a result of abovementioned revisions, the “Net Errors and Omissions” item has been revised upwards by USD 660 million in 2013, USD 1,337 million in 2014, USD 1,124 million in 2018, in contrast to downward revisions of USD 19 million in 2015, USD 1,694 million in 2016, USD 280 million in 2017 and USD 1,929 million in January-November 2019.