Turkey’s current account gap narrowed in July

ANKARA

Turkey’s central bank said on Sept. 14 the country’s current account deficit in July narrowed to $1.751 billion.

The figure is less than forecasts for a deficit of nearly $1.8 billion.

Thus, the current account gap dropped 62.8 percent year-on-year in July, down from $4.7 billion in July 2017.

The 12-month deficit reached $54.6 billion, according to the Bank’s report.

In July, goods deficit decreased by $2.5 billion to $4.8 billion, according to the report.

Services item recorded a net inflow of $3.6 billion increasing by $673 million compared to July of the previous year, mainly stemming from $578 million increase in net travel revenues observing as more than $3 billion in July 2018, the report added.

Direct investment recorded a net inflow of $707 million in July.