UPDATE - Turkey: Current account surplus tones up in August

UPDATE WITH MORE DETAILS

By Tuba Sahin

ANKARA (AA) - Turkey's current account balance improved in August to post a surplus of $2.6 billion, the nation’s Central Bank announced on Friday.

The current account surplus rose $554 million year-on-year, the bank said in a statement.

"This development in the current account is mainly attributable to $848 million increase in the services item recording net inflow of $5.2 billion, as well as $73 million increase in secondary income surplus to $100 million," it added.

Turkey’s 12-month rolling surplus amounted to $5.1 billion, according to the bank.

Anadolu Agency survey showed Thursday economists' current account surplus estimates for August range stood at $2.76 billion.

A group of 14 economists' surplus estimated the end-2019 current account balance to show a deficit of $700 million.

Gold and energy excluded current account surplus was $5.7 billion, rising $1.1 billion from August 2018.

Travel item under services saw a net inflow of $4.1 billion in the month, up 737 million year-on-year.

The country's new economy program, unveiled last month, forecasted a current-account-surplus-to-GDP ratio of 0.1% for 2019.