Turkey's current account deficit falls in July

ANKARA

Turkey’s current account deficit stood at $2.6 billion in July, down more than $500 million year-on-year largely due to the closing gap between goods imported and exported, the Central Bank said Friday.

The reduction was also helped by low oil prices.

However, the bank said the economy could have performed better if the services surplus had not suffered a $1.42 billion fall because of the tourism sector’s contraction.

Revenue from tourism, which makes up most of the services sector, fell to $5 billion in the second quarter of the year, a decrease of 35.6 percent from the same period last year, the Turkish Statistical Institute said in July.

Tourism income from the first six months was $9.04 billion, down from $12.6 billion a year earlier.