Turkey’s current account gap shrinks in July

Turkey’s current account deficit dropped 62.8 percent or - nearly $3 billion - year-on-year in July, according to the Turkish Central Bank on September 14. The deficit reached $1.75 billion in the month, down from $4.7 billion July 2017. The 12-month rolling deficit reached $54.6 billion, according to the bank’s report on the balance of payments. The goods deficit fell by $2.5 billion to nearly $4.8 billion while the primary income gap decreased by $25 million to $592 million. “Services items recorded a net inflow of $3.6 billion, increasing by $673 million compared to July last year, mainly stemming from a $578 million increase in net travel revenues of $3.1 billion in July 2018,” the Bank said in a statement. Official reserves recorded a net inflow of $2.4 billion in the month, according to the Bank.