Türkiye records a surplus on a record account supported by tourism and trade

During the month of August, Türkiye recorded a surplus on the nearly account, with increasing tourism revenue and a decrease in the trade deficit, which gave temporary support to his financial position with the outside world. Central bank data showed that the current account – a broad measure that included trade and investment flow – a $ 5.46 billion surplus, the highest level ever, exceeded expectations. Turkish tourist resorts received millions of visitors from Europe and Russia, which contributed to achieving a $ 9.5 billion surplus in the service sector, including $ 7.7 billion from tourism alone. A temporary, imminent improvement in demand for golden current account deficit has dropped to $ 18.3 billion over the twelve months to August, but this improvement may not last long as the increase in households’ desire to buy gold – supported by the increase in its prices to record levels, could lead to the increase in the deficit. Also read: Turkish households’ gold concerns complicate efforts to reduce inflation. AKKIN ISIKIK, chief economist at QNB Finance Bank, said: “The 12 -month deficit is likely to grow again in September due to increased gold imports,” and expects the deficit to amount to about $ 23 billion during 2025.