Turkey’s current account deficit widens in July

ANKARA

Turkey’s current account deficit reached $5.1 billion in July 2017, up almost $2.7 billion year-on-year, official data showed on Sept. 15.      

The current account deficit recorded $5.1 billion, marking an increase of $2.7 billion compared to July of the previous year, bringing the 12-month rolling deficit to $37.1 billion, the Central Bank stated.      

The Bank said this increase in the current account was mainly due to the rise in the deficit in goods items by nearly $3.8 billion to $7.3 billion in the month.      

Travel items, which constitute a major part of the services account, recorded a net inflow of $2.3 billion in July, increasing by $652 million compared to the same month of 2016, the Bank added.   
   
Investment income under the primary income item indicated a net outflow of $541 million, decreasing by $11 million in comparison to July 2016, according to Central Bank data.

Secondary income recorded a net inflow of $226 million, increasing by $175 million compared to the same month of the previous year, the data also showed. 

Meanwhile, Turkey’s current account deficit for the first seven months of 2017 stood at $25.96 billion, up from some $4.47 billion compared to the January-July 2016 period.