Turkey’s current account gap ‘nearly $7.1 bln in January, slightly higher than estimates’

ANKARA

Turkey’s current account deficit has widened by $4.4 billion, year-on-year, to reach nearly $7.1 billion in January, the Turkish Central Bank said on March 12.

The gap was slightly higher than estimates, which were set at around $6.9 billion.

According to the bank’s report on balance of payments, the country’s 12-month rolling deficit stood at nearly $51.6 billion in January.

“This development in the current account is mainly attributable to a $4.5 billion increase in the goods deficit, recorded as a net outflow of $7.63 billion, as well as an $82 million increase in the primary income deficit to $479 million,” the bank said.

Travel, a major “services” item, recorded a net inflow of $822 million, an increase of $127 million compared with the same month of the previous year, the bank added.

Turkey’s current account gap in January 2017 was almost $2.7 billion with a 12-month rolling deficit of $33.58 billion, according to the Turkish Central Bank’s revised data.