Türkiye’s annual current account deficit dropped below $10 billion in September, the lowest level in 33 months, Treasury and Finance Minister Mehmet Simsek announced Tuesday.
In August 2024, Türkiye’s current account balance recorded a surplus of $4.3 billion, which was the highest in five years.
The surplus was in line with expectations and was significantly better than the same month in 2023. The 12-month rolling deficit was $11.3 billion, the lowest since the end of 2021.
A country’s current account balance as a percentage of gross domestic product indicates its international competitiveness. Countries with a strong current account surplus tend to have economies that are heavily dependent on export revenues, have high savings ratings, and have weak domestic demand.
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