Turkey’s Current-Account Deficit Narrows Sharply on Tourism By Bloomberg

0 1
© Reuters. Turkey’s Current-Account Deficit Narrows Sharply on Tourism (Bloomberg) -- Turkey’s current account remained in deficit for a 20th month but the shortfall narrowed sharply with a surge in services income, driven by gains in tourism. The gap was $1.13 billion in June, down from a revised $3.2 billion in May and $3.1 billion a year earlier, the Turkish central bank said on its website on Friday. The deficit was in line with expectations in a Bloomberg survey, where the median estimate predicted a shortfall of $1.15 billion. The 12-month rolling shortfall narrowed to $29.7 billion. Key Insights Official reserves rose by $8.8 billion in June from a month earlier as portfolio inflows reached $2.8 billion and foreign direct investment stood at $796 million Net errors and omissions, capital movements categorized as coming from an unknown origin, stood at $2.9 billion Balance of trade in services posted a $1.5 billion surplus, from a gap of $346 million in 2020,
Subscribe or log in to read the rest of this content.
Leave A Reply

Your email address will not be published.