ISTANBUL: Turkey's current account showed a surplus of $986 million in November, central bank data showed on Friday, as economic activity remained slow and import prices remained high due to the lira's steep decline last year.
The current account has been a major concern for investors as it has long been in deficit, making the economy reliant on speculative foreign inflows to finance the shortfall.
November marks the fourth consecutive month in which the current account recorded a surplus, as Turkey's trade deficit, the largest component, fell sharply due to higher import prices. A Reuters poll of 18 economists forecast a surplus of $965 million.
The median estimate for the full-year deficit is $28 billion, according to 17 economists. That compares to a $36 billion in a government forecast announced in September and a $47.4 billion deficit in 2017.
Finance Minister Berat Albayrak has said the 2018 current account-to-GDP ratio is expected to be around 3 percent, down from the 4.7 percent previously forecast.
The lira lost nearly 30 percent of its value against the dollar in 2018, raising investor concerns over the fragility of the economy, which is reliant on foreign debt.
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