Turkey Swings to Wider Current-Account Deficit Than Forecast

Gold imports, wide trade gap contribute to shortfall in July

Policymakers see current-account gap at 4% of GDP this year

Turkey’s current account swung back to a wider deficit than forecast in July after a rare surplus the previous month, as surging gold imports added to a deteriorating trade gap

The shortfall was $5.5 billion, compared with a revised surplus of $651 million in June and a deficit of $3.5 billion in July 2022, according to central bank data published on Monday. The median estimate in a Bloomberg survey of analysts was for a gap of $4.5 billion in July