Turkiye | Current account balance (BoP, current US$)

Current account balance is the sum of net exports of goods and services, net primary income, and net secondary income. Data are in current U.S. dollars. Development relevance: The balance of payments records an economy’s transactions with the rest of the world. Balance of payments accounts are divided into two groups: the current account, which records transactions in goods, services, primary income, and secondary income, and the capital and financial account, which records capital transfers, acquisition or disposal of nonproduced, nonfinancial assets, and transactions in financial assets and liabilities. The current account balance is one of the most analytically useful indicators of an external imbalance. A primary purpose of the balance of payments accounts is to indicate the need to adjust an external imbalance. Where to draw the line for analytical purposes requires a judgment concerning the imbalance that best indicates the need for adjustment. There are a number of definitions in common use for this and related analytical purposes. The trade balance is the difference between exports and imports of goods. From an analytical view it is arbitrary to distinguish goods from services. For example, a unit of foreign exchange earned by a freight company strengthens the balance of payments to the same extent as the foreign exchange earned by a goods exporter. Even so, the trade balance is useful because it is often the most timely indicator of trends in the current account balance. Customs authorities are typically able to provide data on trade in goods long before data on trade in services are available. Limitations and exceptions: Discrepancies may arise in the balance of payments because there is no single source for balance of payments data and therefore no way to ensure that the data are fully consistent. Sources include customs data, monetary accounts of the banking system, external debt records, information provided by enterprises, surveys to estimate service transactions, and foreign exchange records. Differences in collection methods - such as in timing, definitions of residence and ownership, and the exchange rate used to value transactions - contribute to net errors and omissions. In addition, smuggling and other illegal or quasi-legal transactions may be unrecorded or misrecorded. Statistical concept and methodology: The balance of payments (BoP) is a double-entry accounting system that shows all flows of goods and services into and out of an economy; all transfers that are the counterpart of real resources or financial claims provided to or by the rest of the world without a quid pro quo, such as donations and grants; and all changes in residents' claims on and liabilities to nonresidents that arise from economic transactions. All transactions are recorded twice - once as a credit and once as a debit. In principle the net balance should be zero, but in practice the accounts often do not balance, requiring inclusion of a balancing item, net errors and omissions. The concepts and definitions underlying the data are based on the sixth edition of the International Monetary Fund's (IMF) Balance of Payments Manual (BPM6). Balance of payments data for 2005 onward will be presented in accord with the BPM6. The historical BPM5 data series will end with data for 2008, which can be accessed through the World Development Indicators archives. The complete balance of payments methodology can be accessed through the International Monetary Fund website (www.imf.org/external/np/sta/bop/bop.htm).
Publisher
The World Bank
Origin
Republic of Turkiye
Records
63
Source
Turkiye | Current account balance (BoP, current US$)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974 -561000000
1975 -1648000000
1976 -2029000000
1977 -3140000000
1978 -1265000000
1979 -1413000000
1980 -3408000000
1981 -1936000000
1982 -952000000
1983 -1923000000
1984 -1439000000
1985 -1013000000
1986 -1465000000
1987 -806000000
1988 1596000000
1989 938000000
1990 -2625000000
1991 250000000
1992 -974000000
1993 -6433000000
1994 2631000000
1995 -2338000000
1996 -2437000000
1997 -2638000000
1998 2000000000
1999 -925000000
2000 -9920000000
2001 3760000000
2002 -626000000
2003 -7554000000
2004 -14198000000
2005 -20980000000
2006 -31161000000
2007 -36946000000
2008 -39425000000
2009 -11360000000
2010 -44620000000
2011 -74402000000
2012 -47278000000
2013 -55092000000
2014 -38020000000
2015 -26625000000
2016 -26668000000
2017 -39955000000
2018 -20151000000
2019 10796000000
2020 -31888000000
2021 -7232000000
2022 -48751000000

Turkiye | Current account balance (BoP, current US$)

Current account balance is the sum of net exports of goods and services, net primary income, and net secondary income. Data are in current U.S. dollars. Development relevance: The balance of payments records an economy’s transactions with the rest of the world. Balance of payments accounts are divided into two groups: the current account, which records transactions in goods, services, primary income, and secondary income, and the capital and financial account, which records capital transfers, acquisition or disposal of nonproduced, nonfinancial assets, and transactions in financial assets and liabilities. The current account balance is one of the most analytically useful indicators of an external imbalance. A primary purpose of the balance of payments accounts is to indicate the need to adjust an external imbalance. Where to draw the line for analytical purposes requires a judgment concerning the imbalance that best indicates the need for adjustment. There are a number of definitions in common use for this and related analytical purposes. The trade balance is the difference between exports and imports of goods. From an analytical view it is arbitrary to distinguish goods from services. For example, a unit of foreign exchange earned by a freight company strengthens the balance of payments to the same extent as the foreign exchange earned by a goods exporter. Even so, the trade balance is useful because it is often the most timely indicator of trends in the current account balance. Customs authorities are typically able to provide data on trade in goods long before data on trade in services are available. Limitations and exceptions: Discrepancies may arise in the balance of payments because there is no single source for balance of payments data and therefore no way to ensure that the data are fully consistent. Sources include customs data, monetary accounts of the banking system, external debt records, information provided by enterprises, surveys to estimate service transactions, and foreign exchange records. Differences in collection methods - such as in timing, definitions of residence and ownership, and the exchange rate used to value transactions - contribute to net errors and omissions. In addition, smuggling and other illegal or quasi-legal transactions may be unrecorded or misrecorded. Statistical concept and methodology: The balance of payments (BoP) is a double-entry accounting system that shows all flows of goods and services into and out of an economy; all transfers that are the counterpart of real resources or financial claims provided to or by the rest of the world without a quid pro quo, such as donations and grants; and all changes in residents' claims on and liabilities to nonresidents that arise from economic transactions. All transactions are recorded twice - once as a credit and once as a debit. In principle the net balance should be zero, but in practice the accounts often do not balance, requiring inclusion of a balancing item, net errors and omissions. The concepts and definitions underlying the data are based on the sixth edition of the International Monetary Fund's (IMF) Balance of Payments Manual (BPM6). Balance of payments data for 2005 onward will be presented in accord with the BPM6. The historical BPM5 data series will end with data for 2008, which can be accessed through the World Development Indicators archives. The complete balance of payments methodology can be accessed through the International Monetary Fund website (www.imf.org/external/np/sta/bop/bop.htm).
Publisher
The World Bank
Origin
Republic of Turkiye
Records
63
Source