Current account balance sees $4.6 bln gap in August

ANKARA-Anadolu Agency

Turkey's current account balance registered a deficit of $4.6 billion in August compared to a 3.3 billion surplus in the same period of 2019, the country's Central Bank said on Oct. 12.

Bringing a 12-month rolling deficit to $23.2 billion as of this August, this development is mainly driven by the net outflow of $5.3 billion in the good deficit increasing by $3.9 billion.

Also, the net inflow of 1.1 billion in services item decreased by $4.6 billion compared to the same month of the previous year, the bank said.

The current account balance, excluding gold and energy, indicated a $973 million surplus, in comparison to a $6.24 billion surplus observed in the same month of the previous year.

Turkey's current account balance for August was expected to post a deficit of $3.9 billion, according to an Anadolu Agency survey conducted on Oct. 9.

The year-end current account balance is forecast to register a gap of $28.6 billion.

Turkey's current account balance in July saw a deficit of $1.8 billion.