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Turkey’s current account posts lower-than-expected $1.8B deficit in July

by DAILY SABAH WITH AGENCIES

ISTANBUL Sep 11, 2020 - 12:15 pm GMT+3
The Turkish lira and U.S. dollar banknotes are seen in this illustration created on Jan. 6, 2020. (Reuters Photo)
The Turkish lira and U.S. dollar banknotes are seen in this illustration created on Jan. 6, 2020. (Reuters Photo)
by DAILY SABAH WITH AGENCIES Sep 11, 2020 12:15 pm
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Turkey’s current account recorded a lower-than-expected deficit of $1.82 billion (TL 13.59 billion) in July, the country's central bank said Friday, mainly due to costly imports and a downturn in tourism due to the coronavirus outbreak.

The figure deteriorated from a $1.9 billion surplus in July 2019. The balance saw a $2.9 billion deficit this June, according to data from the Central Bank of the Republic of Turkey (CBRT).

The median expectation was a $2 billion deficit, according to a Reuters poll. Meanwhile, an Anadolu Agency (AA) survey forecasted a deficit of $1.9 billion.

The trade deficit stood at $1.85 billion, the central bank said, while the services balance, which includes tourism, posted a net income of $288 million, down $4.6 billion from July 2019.

The deficit in the first seven months of the year stood at $21.63 billion and is expected to increase further in the coming months albeit at a slower pace.

Bringing a 12-month rolling deficit to $14.9 billion as of this July, the current account deficit mainly stemmed from an outflow in services.

The AA survey expects the end-2020 current account balance to show a deficit of $23.6 billion. The Reuters poll put the gap for 2020 at $26.5 billion.

The country’s new economic program, unveiled last September, forecast a current-account-surplus-to-gross-domestic-product (GDP) ratio of minus 1.2% for 2020.

The CBRT data showed that gold and energy excluded from the current account posted a $2.1 billion surplus, compared to a $5.3 billion surplus in July 2019.

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