Page 16 - TURKRptMay21

TRY226bn ($28bn).
Turkey’s airports served 17.7mn passengers in Q1, down 47% y/y. The number of international travellers dropped 57% y/y to 6.1mn and the domestic passenger tally was down 40% y/y to 11.7mn.
Expenditures by domestic tourists in Turkey fell 34.1% y/y in 2020 to TRY32bn (€3bn). International tourism accounts for around 11% of Turkey’s economy. It earned Turkey a record $34bn in 2019, but last year that figure plummeted by around $22bn.
With the dramatic resurgence of the coronavirus pandemic in Turkey, officials fear both domestic and international tourism will again fare very poorly.
5.0 External Sector & Trade 5.1 External sector overview
Turkey’s official current account deficit was released at $2.6bn for February.
USD million
2020 Jan.-Feb.
2021 January
2021 February
2021 Jan.-Feb.
I-
CURRENT ACCOUNT
-3,409
-1,815
-2,610
-4,425
A.
GOODS (Trade Balance)
-5,260
-1,930
-2,065
-3,995
B.
SERVICES (net)
3,051
512
494
1,006
3.1.
Passenger Income
1,445
269
247
516
4
Tourism Income
2,754
514
430
944
C.
PRIMARY INCOME (net)
-1,164
-472
-1,171
-1,643
D.
SECONDARY INCOME (net)
-36
75
132
207
II -
CAPITAL ACCOUNT
-10
-18
-1
-19
C.
FINANCIAL ACCOUNT
829
1,870
1,653
3,523
1
FDI (net)
1,205
218
714
932
1.2.3.
Real estate (Net)
925
308
466
774
2
Portfolio investment
-898
4,830
273
5,103
2.2.1.
Equity securities
-1,020
-293
-486
-779
2.2.2.
Debt securities
1,336
5,295
136
5,431
2.2.2.2.
Banks
-282
837
-437
400
2.2.2.2.1.
In Turkey
19
-20
2
-18
2.2.2.2.2.
Abroad
-301
857
-439
418
2.2.2.3.
General Government
1,700
4,424
546
4,970
2.2.2.3.1.
In Turkey
-2,300
924
546
1,470
2.2.2.3.2.
Abroad
4,000
3,500
0
3,500
2.2.2.3.2.1.
Borrowing
4,000
3,500
0
3,500
2.2.2.3.2.2.
Repayment
0
0
0
0
2.2.2.4.
Other Sectors
-82
34
27
61
2.2.2.4.1.
In Turkey
-41
34
27
61
2.2.2.4.2.
Abroad
-41
0
0
0
3
Other investment
522
-3,178
666
-2,512
3.1.
Currency and deposits
4,105
-1,555
1,745
190
16 TURKEY Country Report May 2021 www.intellinews.com