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Turkey September Current Account Swings To Surplus

Turkey's current account balance for September swung to a surplus this year, preliminary data from the Turkish central bank showed on Monday.

The current account showed a surplus of $1.83 billion versus a deficit of $4.44 billion in the same month last year.

Consequently, the 12-month rolling deficit was reduced to $46.05 billion.
The surplus in August at a revised $1.863 billion was the first in three years.

The goods deficit decreased by $5.89 billion to $825 million and primary income deficit shrunk by USD 127 million to USD 938 million.

In the financial account, direct investment recorded a net inflow $827 million, while portfolio investment recorded a net outflow of $904 million.

"Overall, September data shows that outflows have lost momentum in comparison to August, becoming less of a market concern," ING Bank economist Muhammet Mercan said.

The economist expects the outlook to remain challenging given sizeable total external financing needs in the period ahead mostly due to private debt amortization.

"However, given the ongoing loss of momentum in the economy and a weaker Turkish lira, trade balance is likely to recover, indicating we'll see further improvement in the external deficit," Mercan added.

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