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Turkey’s Current Account Gap Widens

Turkey’s Current Account Gap WidensTurkey’s Current Account Gap Widens

Turkey’s current account deficit stood at $2.97 billion in June, the Turkish central bank, or CBRT, announced Friday, Anadolu Agency reported. The gap widened by $818 million compared to June 2017, according to the CBRT report on the balance of payments. It revealed that the country’s 12-month rolling deficit had reached nearly $57.4 billion in June. The goods deficit decreased by $228 million to $4.4 billion while the primary income gap slipped by $125 million to $1 billion, the bank noted. “Services recorded net inflow of $2.38 billion increasing by $712 million compared to the same month of last year, mainly stemming from $490 million net increase in travel revenues observing as $1.88 billion in June 2018,” it said. Meanwhile, the country’s current account gap in the first six months of this year hit $31.2 billion, up from $21.3 billion compared to the same period last year. Turkey’s annual current account deficit in 2017 was over $47.4 billion, compared to the previous year’s figure of $33.1 billion.

 

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