Turkey’s current account deficit widens in September

ANKARA - Anadolu Agency

REUTERS photo

Turkey’s current account deficit stood at $1.7 billion in September, an increase from a $167 million surplus in the same month of 2015.

The Central Bank stated on Nov. 11 that this was due to a decline in income from tourism and an increase in imports.        

According to Bank data, the 12-month rolling deficit rose to $32.4 billion, up from $31.02 billion in August 2016.        

An increase in the deficit in goods items and a decrease in the services surplus were the main reasons for the increase, the Bank stated.    
   
“An increase in the deficit in goods items by $686 million to $3.2 billion, as well as a $1.16 billion decrease in the services surplus to $2.3 billion and a $42 million increase in primary income deficit to $927 million affected the current account negatively, reversing the surplus observed in September of the previous year into deficit in the same month of this year,” it said.        

Travel items under services recorded a net inflow of $2.02 billion, decreasing by $888 million compared to the same month of the previous year, the Bank also said.        

Turkish revenues from tourism fell by 32.7 percent to $8.28 billion in the third quarter of the year, official figures showed on Oct. 31.        

The country’s total revenue from tourism was over $17.3 billion from January to September, $7.6 billion less compared to the same period last year.