Turkey's current account balance posts $5.5B deficit in July

Turkey’s Central Bank on Sep. 11 announced that the current account recorded a net deficit of approximately $5.5 billion in July which is beyond market expectations. In the January-July period, the current account deficit was $42.3 billion.

Duvar English

Turkey’s current account posted a deficit of $5.46 billion in July, according to the balance of payments statistics for July published by the Central Bank on Sep. 11. Markets had expected a deficit of $4.45 billion before the announcement.

Thus, a deficit was recorded again after a surplus of $674 million in June.

In the first seven months of 2023, the current account deficit reached $42.28 billion dollars. In the January-July period, the deficit rose 31.4 percent compared to the same period last year.

Gold and energy excluded current account indicated net surplus of $717 million. 

The services sector showed a net surplus of $5.99 million, with the travel category alone generating a net inflow of $4.79 million.

Primary income experienced a net outflow of $903 million, while secondary income saw a net outflow of $85 million.

Official reserves witnessed a $2,778 million increment. There was a net inflow of $392 million from direct investments and a net inflow of $1.16 billion from portfolio investments.