Abstract:
A current account deficit is an economic imbalance that arises when a country’s imports of goods
and services exceed its exports. Tourism revenues represent a significant source of foreign
exchange and can help to reduce current account deficits. This study examines the ratio of net
tourism revenues to the current account deficit in Türkiye over time. The panel data analysis
method, which is a qualitative research method, was employed in this study. The data were
obtained from the balance of payments statistics of the Central Bank of the Republic of Türkiye,
annual reports of the Turkish Statistical Institute, and statistics of the Ministry of Culture and
Tourism of Türkiye. In this study, net tourism revenues and current account deficit figures were
presented in US dollars, and the ratios of net tourism revenues covering the checking account
deficit were calculated. The findings were tabulated and interpreted accordingly. According to the
study results, between 1950 and 1970, tourism expenditures had a negative impact on the current
account deficit, increasing it. A positive ratio was observed for the first time in 1970, and in 1972,
net tourism revenues covered 555.14% of the current account deficit, marking a significant leap.
The highest ratio was recorded in 2002 at 1683.79%. The years 1989, 1991, 1992, 1997, 1998,
1999, 2001, 2019, and 2021 were notable for exceeding the 200% threshold. In contrast, in 1985,
1987, 1988, 1990, 1994, 1995, 1996, 2003, 2009, 2015, and 2018, the ratio of net tourism revenues
to the current account deficit remained below 200%. However, tourism revenues alone are
sufficient to offset the current account deficit. In conclusion, tourism revenues are a critical source
of foreign exchange for the Turkish economy and have played a significant role in balancing the
economy in certain years.
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