Turkey's current account deficit rises in February

By Fatih Erkan Dogan

ANKARA (AA) - Turkey’s current account deficit was $2.53 billion in February 2017, up $564 million from a year earlier, official data revealed on Tuesday.

“The current account deficit recorded $2.527 billion, indicating an increase of $564 million compared to February of the previous year, bringing the 12-month rolling deficit to $33.75 billion,” the Central Bank of Turkey said on Tuesday.

A group of 17 economists surveyed by Anadolu Agency’s finance desk forecasted a deficit of $2.5 billion in the month, largely in line with real figures.

“This development in the current account is mainly attributable to $546 million increase in the deficit in goods item -- foreign trade -- recording $2.49 billion,” the bank said.

“On the other hand, in the same period secondary income net inflows recorded $154 million, decreasing by $230 million; while the services item net inflows recorded $519 million, increasing by $200 million,” it added.

Travel items, which are a vital part of services, were up $20 million from a year earlier to $502 million, suggesting the tourism sector is showing signs of recovery after a challenging 2016 for the sector.

Investment income on the other hand indicated a net outflow of $645 million, down $26 million in comparison to February 2016.