Turkey’s current account gap narrowed in July

Turkey’s current account gap narrowed in July

ANKARA
Turkey’s current account gap narrowed in July

Turkey’s central bank said on Sept. 14 the country’s current account deficit in July narrowed to $1.751 billion.

The figure is less than forecasts for a deficit of nearly $1.8 billion.

Thus, the current account gap dropped 62.8 percent year-on-year in July, down from $4.7 billion in July 2017.

The 12-month deficit reached $54.6 billion, according to the Bank’s report.

In July, goods deficit decreased by $2.5 billion to $4.8 billion, according to the report.

Services item recorded a net inflow of $3.6 billion increasing by $673 million compared to July of the previous year, mainly stemming from $578 million increase in net travel revenues observing as more than $3 billion in July 2018, the report added.

Direct investment recorded a net inflow of $707 million in July.

Current Account Deficit, Turkish economy, Turkish Central Bank