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.
Balance of Payments Developments - May 2018
- The current account deficit recorded USD 5,885 million indicating an increase of USD 516 million compared to May of the previous year, bringing the 12-month rolling deficit to USD 57,637 million.
- In this month, goods deficit increased by USD 678 million to USD 6,498 million and primary income deficit increased by USD 214 million to USD 1,156 million.
- Services item recorded net inflow of USD 1,907 million increasing by USD 768 million compared to the same month of the previous year, mainly stemming from USD 549 million net increase in travel revenues observing as USD 1,697 million in May 2018.
- Investment income under primary income item indicated a net outflow of USD 1,100 million increasing by USD 218 million in comparison to the same period the previous year.
- Secondary income item, which recorded net inflow of USD 254 million on May of the previous year, recorded net outflow of USD 138 million on May 2018.
- Direct investment recorded a net inflow of USD 429 million decreasing by USD 703 million compared to the same month of the previous year.
- Portfolio investment recorded a net outflow of USD 1,015 million. As regards to sub-items through liabilities, non-residents’ equity securities transactions and government domestic debt securities transactions recorded net sales of USD 24 million and USD 1,169 million, respectively.
- Regarding the bond issues in international capital markets, banks realized net borrowing of USD 493 million, while other sector realized net repayment of USD 59 million.
- Other investment recorded a net inflow of USD 255 million.
- Under other investment, banks’ currency and deposits within their foreign correspondent banks and nonresident banks’ deposits held within domestic banks increased by USD 2,234 million and USD 607 million on net basis, respectively.
- Regarding the loans provided from abroad, banks and General Government realized net repayment of USD 160 million and USD 51 million, while other sector realized net borrowing of USD 1,482 million.
- Official reserves recorded net outflow of USD 2,823 million.