Current Account Balance Posts 548 Million Dollars Deficit in June

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Turkey's current account balance posted 548 million dollars US dollars deficit in June, the Central Bank announced today (August 9).

Turkey's current account gap was 2.47 billion dollars in the same month last year. Its 12-month rolling surplus totaled 538 million dollars, according to the Central Bank of Turkey (CBRT).

"This development in the current account is mainly attributable to 1.82 billion dollars decrease in the goods deficit recording net outflow of 2.60 billion dollars, as well as 754 million dollars increase in services surplus to 3.16 billion dollars," the Central Bank said.

It noted that gold and energy excluded current account indicated 2.28 billion dollars surplus, in an increase of 1.69 billion dollars compared to a year ago.

Travel item under services recorded a net inflow of 2.52 billion dollars in June, increasing 646 million dollars on a yearly basis, the CBRT said.

Investment income under primary income item indicated a net outflow of 1.06 billion dollars increasing by 102 million dollars compared to the same month last year, it added.

Last year, the current account balance posted a deficit of around 27.6 billion dollars, improving from a nearly 47.5 billion dollars deficit in 2017.

The figure was the lowest since 2009, while Turkey's highest annual current account deficit over the last decade was seen in 2011, with 74.4 billion dollars.

The country's new economic program, announced in September, is targeting a current-account-deficit-to-GDP ratio of 4.7 percent in 2018, 3.3 percent this year, 2.7 percent in 2020, and 2.6 percent in 2021. (HA/VK)

Source: AA