Based on data provided by Central Bank the current account deficit of Turkey was US$ 718 million in February 2019. Economists were expecting a current account deficit of US$ 900 million in February.
According to those figures a decrease of US$ 3 billion 776 million was observed, compared to the same month of the previous year. As a result, the twelve-month current account deficit was US$ 17 billion 44 million.
The current account balance gave a deficit of $ 813 million in January, while the twelve-month current account deficit was $ 21 billion 592 million.
Experts note that concerned decrease was due to following factors;
- foreign trade deficit decreased by 3 billion 690 million dollars to 1 billion 74 million dollars compared to the same month of previous year,
- net inflows from services balance increased by 57 million dollars to 894 million dollars
- and primary income balance deficit decreased by 68 million dollars to 495 million dollars.
However, experts also point out that this is not a sign that the economy is on the right track, necessarily and growth factor should also be considered. As known, Turkey has had to cope with major problems in economy for quite a while and its economy has slowed down in a serious manner.
The government however has been working on this vital issue of economy and has shared its plans for a rapid recovery.
