World Economy

Turkey Current A/C Deficit Falls

Turkey Current A/C Deficit FallsTurkey Current A/C Deficit Falls

Turkey’s current account deficit stood at $2.6 billion in July, down more than $500 million year-on-year largely due to the closing gap between goods imported and exported, the Central Bank said, World Bulletin reported. The reduction was also helped by low oil prices. However, the bank said the economy could have performed better if the services surplus had not suffered a $1.42 billion fall because of the tourism sector’s contraction. Revenue from tourism, which makes up most of the services sector, fell to $5 billion in the second quarter of the year, a decrease of 35.6% from the same period last year.