Current Account Deficit is 1.75 Billion Dollars

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Republic of Turkey Central Bank (TCMB) has announced current account balance data of July 2018.

The deficit declined by 2 billion 960 million dollars in July compared to the same period of last year.

Services balance increased

Clear incomes stemming from services balances (like tourism) became 3 billion 593 million dollars with a increase of 673 million dollars compared to the same month of previous year.

June data were revised

Deficit data of June were revised from 2 billion 973 million dollars to 3 billion 43 million dollars, 12-month deficit were revised from 57 billion 386 million dollars to 57 billion 520 million dollars.

What is current account deficit?

The current account deficit is a measurement of a country’s trade where the value of the goods and services it imports exceeds the value of the goods and services it exports.

The current account includes net income, such as interest and dividends, and transfers, such as foreign aid, although these components make up only a small percentage of the total current account.

The current account represents a country’s foreign transactions and, like the capital account, is a component of a country’s balance of payments.

(HK/TK)