Turkey’s cur­rent ac­count deficit at $4.527b in Septem­ber

The Gulf Today - Business - - UAE & REGION -

ISTANBUL: Turkey’s cur­rent ac­count deficit widened more than ex­pected to $4.53 bil­lion in Septem­ber, of­fi­cial data showed on Mon­day, more than dou­bling from the same pe­riod a year ear­lier.

The wider deficit in the cur­rent ac­count, which mea­sures the flow of goods, ser­vices and in­vest­ments, was driven by an in­crease in the cost of en­ergy, gold and other im­ports, re­flect­ing what an­a­lysts said was high com­mod­ity prices and ro­bust do­mes­tic de­mand.

“Look­ing ahead, pre­lim­i­nary trade data in­di­cate fur­ther widen­ing in the trade deficit in Oc­to­ber, which will trans­late into a higher (cur­rent ac­count) deficit,” Deniz Cicek, an econ­o­mist at QNB Fi­nans­bank, said in a note.

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