UPDATE - Turkey's current account gap shrinks in February

UPDATES WITH MORE DETAILS

By Tuba Sahin

ANKARA (AA) - Turkey's current account deficit fell to $718 million in February, down by $3.78 billion from the same month last year, the Central Bank of Turkey said on Thursday.

The figure was nearly $4.5 billion in February 2018.

The 12-month rolling deficit reached to $17 billion in the month.

The reading beat the median estimate of $900 million, which was forecast in a poll carried out by Anadolu Agency’s Finance Desk on Tuesday prior to the new data.

A group of 18 economists estimated the 2019-end current account gap to reach $18.2 billion.

"This development in the current account is mainly attributable to $3.7 billion decrease in the goods deficit recording net outflow of $1.1 billion, $57 million increase in net inflows of services item recording $894 million and $68 million decrease in primary income deficit indicating $495 million," the bank said in its report.

Gold and energy excluded current account posted over $2.7 billion surplus, while $449 million deficit was recorded in February 2018.

In 2018, the current account balance posted a deficit of around $27.6 billion, improving from a nearly $47.5 billion deficit in 2017.