Turkey, Economy

Current account registers $2.9B gap in June

Turkish Central Bank says 12-month rolling deficit totaled $11.1B as of June

Tuba Şahin   | 14.08.2020
Current account registers $2.9B gap in June


Turkey's current account balance posted a deficit of $2.93 billion in June, slightly down from the market expectation, according to the Turkish Central Bank data on Friday.

The June figure widened by $2.8 billion from the same month last year, data showed. 

The deterioration was stemmed from net outflow of $294 million in services item, which was hit by coronavirus pandemic, against a net inflow of $3.4 billion seen in the same month of last year. 

The country's 12-month rolling deficit totaled at $11.1 billion, the bank said.

Gold and energy excluded current account registered $181 million surplus this June, compared to $2.6 million surplus in June 2019. 

Investment income under primary income account saw a net outflow of $522 million, decreasing by $555 million year-on-year, the bank added.

An Anadolu Agency survey on Wednesday showed that economists had estimated the current account balance to post a $3 billion deficit in the month.

The forecasts of a panel of 12 economists ranged between $2.3 billion and $5.1 billion.

The survey also found Turkey's current account balance is projected to post an $18 billion deficit in 2020.

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