Turkey’s current account gap widens in October

ANKARA

Turkey ran a current account deficit of $3.8 billion in October, indicating an increase of almost $2.2 billion year-on-year, the Central Bank stated on Dec. 11.

Data showed that the 12-month rolling deficit rose to $41.9 billion, up from $33.7 billion in the same month last year.

This development in the current account is mainly attributable to a $2.8 billion increase in the goods deficit, recording a net outflow of $5.6 billion, as well as a $293 million increase in the primary income deficit to $1.07 billion, the Bank said.

Travel items, which constitute a major part of the services account, recorded a net inflow of nearly $2.2 billion in September, rising by $503 million year-on-year.

According to the government’s latest Medium-Term Economic Program, the current account deficit is expected to be at $39.2 billion in 2017, amounting to 4.6 percent of gross domestic product.