The current account deficit data came in above market expectations

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In July, after recording a surplus in June, the current account balance turned into a deficit again. According to the data from the Central Bank of the Republic of Turkey (CBRT), the current account deficit in July amounted to 5.5 billion dollars. The data exceeded market expectations, and a noteworthy point in the details was the momentum in gold imports.

The current account balance in July showed a deficit of 5.47 billion dollars.

Economists participating in the Bloomberg survey had expected a deficit of 4.5 billion dollars.

In June, the balance had recorded a surplus of 0.65 billion dollars.

The 12-month current account deficit for July was reported as 58.5 billion dollars.

According to the data from the Central Bank of the Republic of Turkey (CBRT), in July, the core indicator, known as the current account balance excluding gold and energy, showed a surplus of 717 million dollars.

During the same period, the payments balance defined as the foreign trade deficit amounted to 10.5 billion dollars.

Inflows from the services balance reached 6 billion dollars, with net income from the travel category contributing 4.8 billion dollars.

According to the Central Bank of the Republic of Turkey (CBRT) data for July:

  • Net inflows from foreign direct investments amounted to 392 million dollars.
  • Portfolio investments recorded a net inflow of 1.2 billion dollars during the same period.
  • Regarding loans obtained from abroad, the General Government, banks, and other sectors made net repayments of 35 million dollars, 483 million dollars, and 181 million dollars, respectively.
  • Official reserves saw a net increase of 2.8 billion dollars this month.
  • On the net errors and omissions side, there was an entry of 2.8 billion dollars in July.

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