Turkey’s current account deficit narrows in August

Turkey’s current account deficit reached $1.23 billion in August 2017, down by almost $171 million year-on-year, the Central Bank said on Oct. 11.

The current account deficit recorded $1.23 billion, indicating a decrease of $171 million compared to August of the previous year, bringing the 12-month rolling deficit to $36.9 billion, the bank stated.

The July current account gap was revised to $5.15 billion from $5.12 billion.

The bank said the decrease in the current account had been derived from an increase of $637 million in the services surplus that recorded a net inflow of $3.51 billion in August.

Goods items also accounted for $4.27 billion, marking a rise of $689 million in the month, it added.

Travel items, which constitute a major part of the services account, recorded a net inflow of $2.99 billion in August, increasing by $658 million compared to the same month of 2016, the bank said.