Turkish Central Bank says current account balance achieves surplus of USD4.3b in August
Date
10/13/2024 4:42:06 AM
(MENAFN) Türkiye's Central bank announced on Friday that the country's current account balance achieved a surplus of USD4.3 billion in August. This positive outcome reflects a robust performance in the broader economic landscape. Notably, when excluding gold and energy, the current account balance indicated an even more substantial net surplus of USD9 billion, highlighting strengths in other sectors of the economy.
The report detailed that the goods deficit stood at USD2.9 billion, signaling challenges in the trade of physical goods. However, the services sector demonstrated significant resilience, generating inflows of USD8.97 billion. Within this category, tourism played a crucial role, contributing a notable net inflow of USD6.8 billion during the month, which underscores the sector's importance to Türkiye's overall economic health.
In terms of income, the primary income category recorded a net outflow of approximately USD1.5 billion, indicating challenges in foreign investment returns. Meanwhile, secondary income saw modest net inflows of USD14 million, which reflect the smaller, yet positive contributions from various remittances and other financial transfers.
Additionally, direct investments reported net outflows of USD62 million in August, suggesting a cautious approach by foreign investors amid ongoing economic fluctuations. This mixed picture of inflows and outflows across different sectors illustrates the complexities and dynamics of Türkiye's current economic environment.
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