Business

Current account deficit narrows in August

Current account deficit narrows in August

Current account deficit narrows in August

Turkey's current account deficit reached $1.23 billion in August 2017, down almost $171 million year-on-year, according to data released by the Central Bank of the Republic of Turkey (CBRT) yesterday.

"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 said.

The bank said the decrease 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 $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.

Source: Daily Sabah

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GoodMorningTurkey.com is your online news source about Turkey which has become one of the most closely followed and frequently discussed countries in the world. Turkey is increasingly becoming involved in world affairs, with its positive economic developments and intercultural interactions. Being strategically located between Asia, Europe and Middle East, geographically Turkey is playing an important role in the world affairs. Turkey has become world focus, and a role model country for many surrounding neighbors as a result of the recent developments and changes in the region.

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