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 - December 2018
- The current account deficit recorded USD 1,437 million indicating a decrease of USD 6,313 million compared to December of the previous year, bringing the 12-month rolling deficit to USD 27,633 million.
- Gold and energy excluded current account indicated USD 2,505 million surplus, in contrast to USD 2,451 million deficit observed in the same month of the previous year.
- This month, the goods item recorded net outflow of USD 1,683 million indicating a decrease of USD 5,861 million compared to the same month of the previous year.
- Travel item under services recorded a net inflow of USD 898 million, increasing by USD 118 million compared to the same month of the previous year.
- Investment income under primary income item indicated a net outflow of USD 883 million decreasing by USD 197 million in comparison to the same period the previous year.
- Secondary income recorded net inflow of USD 136 million decreasing by USD 131 million in comparison to the same month of the previous year.
- Direct investment recorded a net inflow USD 803 million increasing by USD 297 million compared to the same month of the previous year.
- Portfolio investment recorded a net outflow of USD 1,840 million. As regards to sub-items through liabilities, non-residents’ equity securities transactions recorded net purchases of USD 143 million and government domestic debt securities transactions recorded net sales of USD 672 million.
- Regarding the bond issues in international capital markets, banks realized net repayments of USD 370 million.
- Other investment recorded a net inflow of USD 518 million.
- Under other investment, banks’ currency and deposits within their foreign correspondent banks and nonresident banks’ deposits held within domestic banks decreased by USD 2,585 million and USD 991 million on net basis, respectively.
- Regarding the loans provided from abroad, banks, General Government and other sectors realized net repayments of USD 1,999 million, USD 51 million and USD 282 million, respectively.
- Official reserves recorded net inflow of USD 860 million.
- Based on the year-end studies in accordance with the “Revision Policy”, starting from 2014, a number of revisions mainly in currency and deposits, loans, direct investment and services 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.
- As a result of abovementioned revisions, the “Net Errors and Omissions” item has been revised downwards by USD 600 million in 2014, USD 263 million in 2015 and USD 1.151 million in January-November 2018, in contrast to upward revision of USD 135 million in 2016 and USD 58 million in 2017, bringing the cumulative downward revision to USD 1.821 million for the entire period.