The figure marked $1 billion drop from the same month last year.
The Turkish Central Bank‘s balance of payments figures showed the country’s 12-month rolling surplus amounted to $4.33 billion.
An Anadolu Agency survey on Dec. 9 showed that economists had estimated current account balance to saw a surplus of $1.6 billion in October.
The forecast of a group of 13 economists hovered between $1.3 billion and $1.9 billion.
“This development in the current account is mainly attributable to $924 million deficit in goods against $630 million surplus observed in the same month of the previous year,” the bank said.
The CBRT also said Turkey’s current account deficit — excluding gold and energy — posted a $5.3 billion surplus in October 2019, down $700 million in the same month last year.
Travel items, which constitute a major part of the services account, saw a net inflow of nearly $2.76 billion, increasing by $238 million year-on-year in October.
The country’s new economic program, unveiled in September, forecast a current-account-surplus-to-GDP ratio of 0.1% for 2019.
Hurriyet Daily News