Professional Documents
Culture Documents
Burcu nvar
+90 212 350 25 78
bunuvar@isyatirim.com.tr
Strong pace of tourism revenues backed the services sectors contribution owing to the
seasonality. Meanwhile, we see a monthly outflow of some USD 428 mn through the net
errors and omissions, following strong inflow in the prior three months. Please note that,
despite monthly outflow, YtD inflow through this figure reached to USD 9.6 bn, financing
18% of the YtD CAD.
Source: CBRT, Is Investment
-10
-5
0
5
10
15
20
Residents' Deposits Abroad Net Errors and Omissions
Sources of CAD (USD mn)
2011
June
2011
JuIy
2011
August 2010
Last 12
Month
YoY %
chng.
1.Current Account Def icit -7,597 -5,285 -3,964 -47,695 -75,142 58%
A.Goods and Services -7,206 -4,772 -3,690 -41,821 -68,403 64%
Goods -9,019 -7,977 -7,093 -56,445 -85,877 52%
Services 1,813 3,205 3,403 14,624 17,474 19%
Tourism 1,714 2,858 3,037 15,981 17,992 13%
B. Income -495 -603 -489 -7,322 -8,391 15%
C. Current Transf ers 104 90 215 1,448 1,652 14%
2.Net Errors and Omissions 1,838 1,269 -428 4,681 12,084 158%
I. Total Financing Need (1+2) -5,759 -4,016 -4,392 -43,014 -63,058 47%
Source: CBRT, Is Investment
-80,000
-70,000
-60,000
-50,000
-40,000
-30,000
-20,000
-10,000
0
-12,000
-10,000
-8,000
-6,000
-4,000
-2,000
0
2,000
Monthly C/A Deficit (l.a.) Annualized C/A Deficit
2
11/10/2011
- --
-- -
Monthly direct foreign investment has lost some pace down to USD 860 mn in August,
carrying the YtD figure to USD 8.6 bn. YTD figure already surpassed our earlier call of
USD 7 bn, pointing at some USD 10 bn for the full year. So far, YtD FDI inflow finances
some 16% of the YtD CAD.
On the portfolio flow front, we see a monthly outflow through both equity and bond
markets. Falling risk appetite in the world, inevitably affect Turkish markets as well.
Central Banks leading data show that while non residents will be on the buy-side in
September, there is a significant outflow from the bond market amounting USD 3.8 bn.
Financing of
the CAD
- -
Monthly roll over ratio of the non-bank sector stands at 107% while this ratio is some
286% for the banking industry. On a 12-month basis, the roll-over ratio of the banking
sector climbed up to 147% while corporate rollover ratio reached to 109%, highest since
May 2009.
Please note that some USD 4.4 bn of official reserves have eroded in August which is
already put under the spot light by the market players. CBRTs recent decision to allow
banking industry to hold up to 20% of their TL reserve requirements in terms of FX will
add some USD 3.6 bn to the official reserves if being utilized fully. Yet, as CBRT
continues to sell FX to the market, reserve management requires extreme care due to the
limited amount in hand.
--
--
-
-
--
All in all no surprises from the headline CAD. We expect downward adjustment to
continue with gradual steps in the coming period. But financing part should be followed
carefully. Please note that our year end CAD/GDP call stands at 9.6%.
- -
Non Debt Creating Financing (USD mn)
2011
JuIy
2011
August 2010
Last 12
Month
YoY %
chng.
II. Total Financing (A+B+C) 4,016 4,392 43,014 63,058 47%
A.Capital Flows (net) (selected items) 7,022 2,598 44,525 66,230 49%
FDI 2,665 860 7,816 12,375 58%
Portfolio Investments (net) (selected items) 2,033 -1,519 16,093 19,849 23%
Eurobonds 0 0 4,082 2,207 -46%
Non-residents' Equity Purch. 114 -546 3,468 914 -74%
Non-residents' Govt. Sec. Pur. 1,716 -847 10,715 13,837 29%
B.IMF credits 0 -857 -2,159 -3,047 41%
C.Reserve Changes ("-" is incr.) -3,006 2,651 648 -125 -119%
Banks' FX assets -3,671 -1,778 13,457 7,313 -46%
Of f icial Reserves 665 4,429 -12,809 -7,438 -42%
Source: CBRT, Is Investment
Financing of the current account
deficit (USD mn)
2011
JuIy
2011
August 2010
Last 12
Month
YoY %
chng.
Credits (excluding IMF) 1,262 1,796 12,852 30,063 134%
Government 186 187 3,564 2,422 -32%
Banks 243 90 12,895 18,328 42%
Long Term 309 1,209 881 3,930 346%
Short Term -66 -1,119 12,014 14,398 20%
Other sectors 833 1,519 -3,607 9,313 -358%
Long Term 214 161 -7,174 2,258 -131%
Short Term 239 337 1,436 2,305 61%
Trade Credits 380 1,021 2,131 4,750 123%
Source: CBRT, Is Investment
3
11/10/2011
Source: CBRT, Is Investment
Source: CBRT, Is Investment
Source: CBRT, Is Investment
-
--
---
*Roll-over ratios are calculated in 12 months basis
*Roll-over ratios are calculated in 12 months basis
*Roll-over ratios are calculated in 12 months basis
-
-
-
0%
50%
100%
150%
200%
250%
300%
350%
400%
Roll-over ratio of long term debt of private sector*
- -
80%
100%
120%
140%
Roll-over ratio for long term trade credits*
0%
100%
200%
300%
400%
500%
600%
700%
Rollover Ratio for the Long Term Debt of Banks*
Sal es Cont act s:
Emir Tayman (+90 212 370 6806)
emirt@ekspresinvest.com
Ek spr es Yat i r i m Menk ul Deger l er A.S. Buyukdere Cad. No: 106 Kat: 15 34394 Esentepe, Istanbul TURKEY
This document has been produced by Ekspres Invest Research Department for purposes of information and cannot be construed as investment advice, or an offer to buy or sell any securities that may be mentioned in the body of the document. The
information contained herein is subject to change without notice. Ekspres Invest, its parent or affiliated companies may have positions in and effect transactions in securities of companies mentioned and may also perform or seek to perform investment
advisory services for those companies.
Bal ance of Pay ment s
Tur k ey / mac r oec onomy Au gust 2011
October 11, 2011
Wher e has al l t he f i nanci ng gone?
The C/A deficit came in at US$4.0bn in August, overlapping the consensus yet
lower than our forecast at US$4.3bn. The tourism revenues remained weak as we
expected, while we are surprised to see the transportation services generating a high net
revenue of US$0.5bn. Even though the deficit continued to deteriorate in annual
comparison, the August deficit was the most benign number in almost a year.
The financing outlook continued to deteriorate and the foreign fund flows fell
short of financing the deficit. The official reserves declined by US$4.4bn in August
and appeared as the key financing source, followed by some US$2.0bn increase in the
foreign residents deposits at the house banks. On the other hand, the portfolio inflows
which had contributed some US$19.4bn in January-July period suffered a net outflow of
US$1.5bn in August, first visible outflow since September last year. Similarly, the
unregistered capital flows gave a negative print of US$0.4bn in August, after contributing
a notable US$10.1bn to the financing of the external deficit in the preceding seven
months. There was also a net outflow of US$2.1bn short term funds (including the short
term credits, trade credits and assets held abroad) after US$3.6bn outflow in July,
whereas the long term loans of the private and banking sector remained low at
US$0.7bn.
The 12-month rolling C/A deficit rose to US$75.1bn (9.5% of GDP) as of August
from US$74.2bn deficit in July. On the other hand, the improvement in the non-energy
deficit already started as the 12-month deficit in that segment remained unchanged MoM
at US$32.6bn (4.1% of GDP). Based on our estimates for the seasonally adjusted
figures, the monthly non-energy deficit seems to have been surfacing lower around
US$1.5bn over the last two months after peaking at US$4.2bn in May-June. The data
confirms that the external deficit has been abating in line with the slower economic
activity.
The share of the short term and portfolio inflows in financing the current account
deficit has been retreating, yet the long term financing instruments fail to improve
enough to compensate this. We reckon that the portfolio and short term inflows (such
as deposits and credits) financed 70% of the 12-month C/A deficit as of August vs. 109%
in January and 85% in May. On the other hand, the FDI and long term loans finance
24% of the 12-month deficit in August, up from 8% in January and 17% in May. While
the shift in the composition of the financing instruments is healthy, the deceleration of the
overall inflows resulted in a weaker reserve outlook for the CBT.
We maintain our US$74.3bn (9.6%GDP) C/A deficit forecast for the year-end.
However, our projections show that the 12-month rolling C/A deficit is set to widen before
it gets narrower in October, the earliest. The tight relation between the pace of economic
activity and currency on one side and the imports on the other side leaves little doubt
that the import demand will continue to ease and put a downside pressure on the
external deficit. However, export performance is more ambiguous and the weakness in
European economies may hinder the rebalancing of the economy.
Nilufer Sezgin
nilufers@ekspresinvest.com
+90 212 336 5193
Balance of Payments: August 2011 October, 2011
Ek spr es I nvest
Page 2
FI GURE 1 Bal ance of Pay ment s ( 12- mont h r ol l i ng)
Source: CBT, Ekspres Research
Current Account (US$bn) External Financing (US$bn)
-80
-60
-40
-20
0
20
12.01 03.03 06.04 09.05 12.06 03.08 06.09 09.10
Current Account Balance
Non-energy Current Account Balance
-40
-20
0
20
40
60
80
12.01 03.03 06.04 09.05 12.06 03.08 06.09 09.10
Portfolio inflows, deposits and other short term
inflows
Long term inflows and FDI
Adres: - (0212) 314 81 81 Fax: (0212) 221 31 81
Tel (0212) 314 81 07
11 Ekim 2011
& Son
Dengesi; Son
Grafik 2: Ay
Sermaye
Ya
Net Hata
Noksan & Cari
emler
Dengesi
C piyasa beklentisi ve beklentimiz paralelinde 3,96 milyar$ olarak
i. (Piyasa Beklentisi: 4,03 milyar$; Beklentimiz: 4 milyar$)
rekor
Ocak- ise %102,4
Kaynak: www.tcmb.gov.tr;CEIC Data
...
nda
ger
Ocak- 17,8
860 milyon$ olarak
Ocak-
587 milyon$
Kaynak: www.tcmb.gov.tr; CEIC Data
Net hata ve noksan kaleminde ...
Y
Kaynak: www.tcmb.gov.tr; CEIC Data
Uzman
Tel: (0212) 314 81 83
ibuk@halkyatirim.com.tr
Adres: - (0212) 314 81 81 Fax: (0212) 221 31 81
Tel (0212) 314 81 07
11 Ekim 2011
Grafik 4:
Ba
12 a
147,4%
da Temmuz ki %107,29 seviyesinden,
%108,65 s
Kaynak: www.tcmb.gov.tr; CEIC Data
Ancak
TCMB demeler dengesi istatistiklerine gre, A ustos aynda
cari ak, piyasa beklentilerine paralel 4 milyar ABD dolar
seviyesinde gerekle ti. Son veriler ile birlikte yln 8 aynda
cari ak 54.3 milyar ABD dolarna ykselirken ile yllk
landrlm cari ak rakam, 75.1 milyar ABD dolarna ula t.
Temmuz aynda oldu u gibi A ustos aynda da mevsimsel
olarak hizmet gelirlerindeki art n olumlu etkisi hissedildi.
Ba ar YILDIRIM
yildirimb@tskb.com.tr
+90 212 334 5259
ARA TIRMA
lgili ayda net enerji ithalat d cari ak rakamnn gerilemeye devam etti i gzleniyor. yle ki, A ustos aynda cari
a n net enerji ithalatndan arndrld nda 267 milyon ABD dolar seviyesinde gerekle ti i gzleniyor, ki bu rakam
Ekim 2010dan bu yana gzlenen en olumlu tabloya i aret ediyor. 3 aylk ortalamalar da a n Kasm 2010dan bu yana
en d k seviyesine geriledi ini gsteriyor. Yllklandrlm rakamlara bakld nda da net enerji ithalat d cari a n
14 ay sonra ilk kez gerileyerek 32.6 milyar ABD dolar seviyesinde gerekle ti i grlyor.
Detaylar Olumlu Sinyal Veriyor...
demeler Dengesi A ustos 2011
Do rudan Yabanc Yatrm ve Portfy Yatrmlar
A ustos aynda 860 milyon ABD dolar tutarnda do rudan ya
banc yatrm giri i izlenirken 12 aylk rakamlara bakld nda
rakam 12.4 milyar ABD dolar seviyesinde gerekle ti.
Portfy yatrmlarna bakld nda ilgili ayda hisse senetleri ve
D BSlerde gzlenen satcl seyre ba l olarak 1.5 milyar ABD
dolar tutarnda k izlendi. Yllklandrlm rakamlara
bakld nda portfy yatrmlar 20 milyar ABD dolar seviyesinde
gerekle ti.
Do rudan yabanc yatrmlar ve portfy yatrmlarndaki seyre ba l olarak geni tanml demeler dengesinde A ustos
aynda 4.6 milyar ABD dolar ak gzlenirken yllklandrlm rakamlara bakld nda ak 43 milyar ABD dolarna kt.
Kaynak: TCMB, TSKB
-10000
-8000
-6000
-4000
-2000
0
-80000
-70000
-60000
-50000
-40000
-30000
-20000
-10000
Cari lemler dengesi
(oniki aylk, sol eksen)
Cari lemler Dengesi
(aylk, sa eksen)
Kaynak: TCMB, TU K, TSKB Ara trma
Kaynak: TCMB, TU K, TSKB Ara trma
15
10
5
0
5
10
15
20
25
30
0
5
10
15
20
25
30
demeler Dengesi (12aylkrakamlar)
(milyar dolar)
Do rudan Yabanc Yatrmlar PortfyYatrmlar (sa eksen)
Milyon USD
2010
A ustos
2011
A ustos
De i im Oniki Aylk
%
Cari lemler Hesab 3,024 3,964 31% 75,142
D ticaret Dengesi 5,662 7,093 25% 85,877
Hizmetler Dengesi 2,828 3,403 20% 17,474
Gelir Dengesi 332 489 47% 8,391
Cari Transferler 142 215 51% 1,652
Sermaye ve Finans Hesab 1,011 4,392 334% 63,058
Sermaye Hesab 22 0
Finans Hesaplar 1,033 4,392 325% 63,066
Net Hata Noksan 2,013 428 121% 12,084
Kaynak: TCMB, TSKB Ara trma
demeler Dengesi Gerekle meleri
5,000.00
4,000.00
3,000.00
2,000.00
1,000.00
1,000.00
2,000.00
3,000.00
75,000.00
65,000.00
55,000.00
45,000.00
35,000.00
25,000.00
15,000.00
5,000.00
5,000.00
15,000.00
25,000.00
Net Enerji thalat Hari Cari Denge (Yllklandrlm )
Aylk Net Enerji thalat Hari Cari Denge (3 aylk ortalama)
Beklentilere paralel gelen A ustos ay verilerine bakld nda, net enerji ithalat hari cari ak rakamnda
izlenen seyir cari a a dair toparlanma e ilimini destekler nitelikte bir grnm ortaya koyuyor. Portfy
yatrmlarndaki d ile son dnemde cari ak finansman konusunda stepne niteli inde olan net hata ve
noksan kaleminin negatif etkisine ra men ilgili ayda cari ak rakamnn (mevsimsel olarak hizmetler
dengesinin de etkisiyle) gerilemesi, sanayi retiminde oldu u gibi demeler dengesi rakamlarnda da
TCMBnin yumu ak ini senaryosunu destekliyor. Bankaclk ve zel sektr bor evirme oranlarndaki gcn
artmaya devam etmesi de vurgulanmas gereken pozitif geli meler arasnda yer alyor.
Kaynak: TCMB, TSKB Ara trma
50%
100%
150%
200%
250%
0%
100%
200%
300%
400%
500%
600%
Bor Dndrme Oranlar
(12aylkrakam baznda)
Banka
zel Sektr (Sa Eksen)
Yurtd Borlanma Gcn Koruyor...
lgili ayda 651 milyon ABD dolar seviyesinde bor geri
demesi bulunan bankaclk sektr yurtd ndan 1.9
milyar ABD dolar tutarnda fon temin etti. 12 aylk
rakamlara bakld nda bankaclk sektrnde bor
evirme oran %147ye ykseldi.
lgili ayda 2.3 milyar ABD dolar bor geri demesi
bulunan zel sektr ise 2.5 milyar ABD dolar finansman
sa layabilmi ken; sektrde yllk bor dndrme oran
ise %109 seviyesine ula t.
A ustos 2011 itibaryla banka ve zel sektr toplamnda
yllk bor evirme oran %118e kt.
Net Hata & Noksan Kalemi ve Rezervler Negatif...
Son dnemde finansman konusunda kurtarc kalemler
ierisinde nitelendirilen net hata ve noksann A ustos
aynda 428 milyon ABD dolar tutarnda aklanamayan
bir k a i aret etti i gzlendi. Yln 8 aylk dneminde
9.6 milyar ABD dolar seviyesinde bir giri anlamna
gelen rakamn yllk bazda 12.1 milyar ABD dolarna
geriledi i izlendi.
Resmi rezervlerde ise dviz satm ihalelerinin de
etkisiyle 4.4 milyar ABD dolar tutarnda d
grlrken yllklandrlm rakamlar baznda rezervlerin
7.4 milyar ABD dolar artt izleniyor.
Kaynak: TCMB, TSKB Ara trma
10000
5000
0
5000
10000
15000
20000
10
20
30
40
50
60
70
80
Cari Ak, 12 aylk toplam (milyar dolar)
Net Hata ve Noksan, 12 aylk toplam (sa eksen)
Dikkat: Burada yer alan yat r m bilgi, yorum ve tavsiyeleri yat r m dan manl kapsamnda de ildir. Yat r m dan manl hizmeti; arac kurumlar, portfy
ynetim irketleri, mevduat kabul etmeyen bankalar ile m teri aras nda imzalanacak yat r m dan manl szle mesi erevesinde sunulmaktad r. Burada
yer alan yorum ve tavsiyeler, yorum ve tavsiyede bulunanlar n ki isel gr lerine dayanmaktad r. Bu gr ler mali durumunuz ile risk ve getiri tercihlerinize
uygun olmayabilir. Bu nedenle, sadece burada yer alan bilgilere dayan larak yat r m karar verilmesi beklentilerinize uygun sonular do urmayabilir.
Tablo: DEMELER DENGES
2010 2011 2011
Ocak-A#ustos Ocak-A#ustos A#ustos
CAR (LEMLER HESABI -26.814 -54.261 -3.964
DI( T CARET DENGES -32.003 -61.435 -7.093
Genel Mal Ticareti -32.218 -58.182 -5.976
hracat f.o.b. 75.282 91.940 11.645
thalat f.o.b. -107.500 -150.122 -17.621
H ZMETLER DENGES 8.828 11.678 3.403
Turizm 9.834 11.845 3.037
GEL R DENGES -4.483 -5.552 -489
CAR TRANSFERLER 844 1.048 215
SERMAYE VE F NANS HESAPLARI 24.574 44.618 4.392
F NANS HESAPLARI 24.622 44.618 4.392
Do#rudan Yat?r?mlar 4.014 8.573 860
Yurtd?@?nda -1.134 -1.540 -91
Yurtiinde 5.148 10.113 951
Portfy Yat?r?mlar? 14.075 17.831 -1.519
Varl?klar -1.007 2.556 -183
Bankalar 254 3.015 -190
Di#er Sektrler -1.261 -459 7
Ykmllkler 15.082 15.275 -1.336
Hisse Senetleri 1.336 -1.218 -546
Bor Senetleri 13.746 16.493 -790
Genel Hkmet 12.723 13.970 -847
Yurtii 9.327 12.449 -847
Di#er Yat?r?mlar 16.566 22.876 622
Varl?klar 3762 6562 -2385
Ykmllkler 12804 16314 3007
Rezerv Varl?klar -10033 -4662 4429
Resmi Rezervler -10033 -4662 4429
Dviz Varl?klar? -18 1.738 324
Menkul K?ymetler -10.015 -6.400 4.105
NET HATA NOKSAN 2.240 9.643 -428
(Milyon ABD Dolar)
Kaynak: TCMB (www.tcmb.gov.tr )
The August CAD at USD 3.96bn was not a surprise for the market; though the monthly deficit slowing
from the first seven months average of USD 7.2bn added to the positive sentiment. In YtD terms, January-
August CAD at USD 54.3bn is more than the double of last years level of USD 26.8bn. Despite the start of
moderation in monthly CAD figures, the 12M CAD moved up to USD 75.2bn versus USD 74.6bn in July- which is
a strong widening at a magnitude of 149% yoy or to 9.6% of GDP.
Out of the USD 75.2bn 12M CAD, while the surge in the energy part continues reaching USD
42.4bn in August, the crucial part- that is the non-energy part is stable at USD 32.5-33.0bn since
June. This of course is good news. As all those who are interested in investing in Turkey know by heart
by now, excessively strong domestic demand has fuelled CAD to unsustainable highs close to 10% of
GDP.
A note on tourism sector though: revenues at USD 3.0bn in August it has reached its yearly peak
mainly due to seasonal factors but it is only 7.8% above that of last years which is below the 27.5%yoy
growth recorded in earlier seven months of the year.
As for the funding side, the August bears a new story which is not a very good one. To begin with
the CBTs official FX reserves recorded a strong USD 4.4bn drop which carries the Ytd decline to USD
4.7bn. Thus, the CBTs reserve decline with the bulk happened in August fully reflects the change of
season on a global scale and especially in Europe. In fact, the foreign residents holdings in the local
banks increased by a net of USD 1.98bn which is also another evidence on the effect of the rising
uncertainties that has roots in the European financial system. While there was a small USD 0.4bn
outflow from the unidentified net errors and omissions (Ytd inflows high at USD 10bn), the selloff in
the markets resulted in USD 1.5bn portfolio investments outflows from Turkey that pulls down the Ytd
inflows to USD 17.8bn. Though we should note that flows to the equity and the bond markets recovered
again starting from mid-September; sentiment with regards to the EU debt crisis plays a great role here.
Despite the liquidity problems abroad, Turkish private sector companies managed to keep their
external debt roll-over ratio above 100% at 107%in August which however compares unfavorably with
the first seven months average of 125%. Net FDI at USD 0.9bn in August -is not good and is not bad-
carries the Ytd figure to USD 8.6bn that accounts to a weak 16%of the overall USD 54.3bn headline
CAD.
Until the end of the year, the monthly drop in the CAD will continue when compared with the
January-July 2011 period. Yet, the moderation will start feeding the 12MCAD figure starting from
1Q12 as we expect an upfront correction in CAD/GDP getting tangible throughout 1H12. Thus, in 12M
terms, until the end of the year CAD is to float within USD 74bn USD 75bn range. Our expectation for
YE 2011 CAD is at USD 74bn which would be corresponding to 9.8%of GDP.
For 2012, we expect Turkeys GDP growth to sharply slowing down to 3% vicinity from around 7% this
year. With a CAD contraction of approx USD 20bn for next year, we estimate CAD at USD 54bn at
the end of 2012 from USD 74bn at the end of 2011. As percentage of GDP, Turkeys CAD to GDP will
be easing to 6.8% by the end of next year from 9.8% this year, in our view. While such a drop will be the
byproduct of 25% weakness in the TRY basket since November 2010; no doubt the scarce external
funding would also take its toll on Turkeys CAD trends.
Regar ds,
mailto:guldem.atabay@unicreditgroup.com.tr
www.unicreditmenkul.com.tr
2011
| 0216 444 1 263
1
3,9 milyar dolar ile 3,8 milyar dolar olan beklentilere
paralel Krizden
,
Y
ticaret dengesini r gesini olumsuz etk
2010 i etkileri
yla,
sekiz 1 ini
Milyon Dolar
2010 2011 2010 2011 2010 2011 2010 2011 2010 2011
Ocak -3.062 -6.143 2.026 4.541 401 -202 1.915 2.239 1.824 1.602
-2.708 -6.092 750 5.168 441 603 -2.205 2.279 -277 924
Mart -4.292 -9.630 6.618 8.757 287 2.687 2.846 4.816 -550 873
Nisan -4.386 -7.671 11.244 8.024 411 530 4.639 5.333 -2.255 -353
-3.026 -7.879 2.689 3.961 181 765 323 492 2.081 3.918
Haziran -3.463 -7.597 3.633 5.759 556 665 -682 2.158 -767 1.838
Temmuz -3.613 -5.285 3.429 4.016 1.173 2.665 3.981 2.033 834 1.269
-3.077 -3.964 4.739 4.392 559 860 2.937 -1.519 1.712 -428
-3.903 3.303 361 -245 -628
Ekim -3.441 5.361 798 1.972 -300
-6.057 6.019 734 1.054 2.641
-7.529 9.410 1.912 -276 385
-48.557 -54.261 59.221 44.618 7.814 8.573 16.259 17.831 4.700 9.643
Kaynak: www.tcmb.gov.tr
2011
| 0216 444 1 263
2
milyar 4 milyar
Bu ge milyar 432 milyon
milyar 435 milyo Hizmetler Dengesi kalemi
17 milyar
milyar 264
y
milyar
milyar
milyar 965 milyon ABD milyar 113
milyar 540 milyon ABD do
milyar 218 milyon AB
toplam 12 milyar
sekiz ayda 210 milyon ABD dolar
milyar
milyar
milyar
2011
| 0216 444 1 263
3
milyar 584
milyar
milyar 720 milyon ABD
milyar 581 milyon
milyar milyar 197
ay milyar milyar
662 milyon