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Turkey Current Account Deficit Widens In February

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Turkey Current Account Deficit Widens In February
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Turkey’s current account deficit widened in February from last year, data from the central bank showed Monday.

The current account deficit increased to $1.23 billion from $117 million logged in the same period last year. However, the shortfall narrowed from $1.61 billion seen in January 2020.

The annual increase in deficit was 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.

Excluding gold and energy, the current account showed $2.56 billion surplus compared to $3.22 billion surplus registered in the same month of the previous year.

The net inflows at the services item increased $315 million to $1.49 billion in February.

Investment income under primary income item posted a net outflow of $614 million, which was up by $208 million from same period last year.

At the same time, secondary income recorded net outflow of $92 million, increasing by $34 million.

The material has been provided by InstaForex Company – www.instaforex.com