UPDATE - Turkey's current account gap shrinks in January

UPDATES WITH MORE DETAILS

By Tuba Sahin

ANKARA (AA) – Turkey’s current account deficit narrowed by 8% year-on-year in January, the Turkish Central Bank said on Thursday.

The deficit was $1.87 billion in the month, down from $2.03 billion in January 2020, according to the bank’s balance of payments report.

The improvement was fueled by a decrease in the goods deficit, despite a lower services surplus registered in the month.

The figure was higher than market expectation as a group of 12 economists polled by Anadolu Agency this week projected a deficit of $1.7 billion for January, with their estimates ranging between $1.2 billion and $2.7 billion.

Turkey’s 12-month rolling deficit stood at nearly $36.6 billion in January, the bank said.

Gold and energy excluded current account posted a surplus of some $1.18 billion, down from $3 billion a year ago, it added.