Turkey's current account deficit narrows in August

By Dilara Zengin

ANKARA

Turkey’s current account deficit reached $1.23 billion in August 2017, down by almost $171 million year-on-year, according to the Central Bank Wednesday.

"The current account deficit recorded $1.237 million, indicating a decrease of $171 million compared to August of the previous year, bringing the 12-month rolling deficit to $36,972 million," the bank stated.

The bank said the decrease in the current account had been derived from an increase of $637 million in the services surplus that recorded a net inflow of $3.51 million in August.

Goods items also accounted for $4.27 million, marking a rise of $689 million in the month, it added.

Travel items, which constitute a major part of the services account, recorded a net inflow of $2.99 million in August, increasing by $658 million compared to the same month of 2016, the bank said.

On Monday, Anadolu Agency Finance Desk’s survey of 17 experts predicted the current account deficit at $1.8 billion in August. Economists also projected the year-end current deficit average at $39.5 billion.