Economy Turkey: Current account deficit widens to $3.2bn

Turkey: Current account deficit widens to $3.2bn

Central Bank of Turkey
Central Bank of Turkey

(AA) – Turkey’s current account deficit stood at $3.196 billion in February — a sharp widening from $2.002 billion in January, the Central Bank of the Republic of Turkey has said.

But the bank also said in a statement Friday the deficit narrowed by $146 million compared to the same month in the previous year.

The 12-month rolling deficit decreased to $42.822 million from $42.968 million.

The year-on-year decrease in the current account deficit is mainly attributable to a $346 million decrease in the foreign trade deficit, which stood at $3.143 million, and a $38 million increase in the services surplus, which reached $724 million.

Contrary to this, the improvement in the current account deficit was partially offset by a $238 million increase in the primary income deficit reaching $853 million.

Gold exports were a factor in the change, as net gold exports were $1.505 million, increasing by $932 million compared with the same month of the previous year.

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