Turkey’s current account posts $1.23B deficit in Feb

Figure up from $117 million in February 2019, says country’s central bank

Turkey’s current account balance posted a deficit of nearly $1.23 billion in February, according to official figures released on Monday.

The deficit was $117 million in the same period last year, said the Central Bank.

The bank’s balance of payments figures showed the country’s 12-month rolling surplus amounted to $6.13 billion.

“This development is mainly attributable to $1.17 billion increase in the goods deficit recording net outflow of $1.9 billion and $222 million increase in primary income deficit to $729 million,” the bank said.

The data also showed Turkey’s current account deficit excluding gold and energy posted a $2.57 billion surplus in February 2020, down $658 million in the same month last year.

“The net inflows at the services item increased by $315 million and realized as $1.49 billion,” the bank noted.

Travel items, which constitute a major part of the services account, saw a net inflow of nearly $855 million, rising by $41 million year-on-year in February.

An Anadolu Agency survey on Monday showed that economists had estimated current account balance to see a deficit of $1.3 billion in February.

Anadolu Agency

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