In January-July period, current account deficit narrowed to 16 billion USD, while it was 42 billion USD in the same period of the previous year. Annual current account deficit narrowed to 19.1 billion USD in July from 25 billion USD in June.
Current account balance excluding energy and gold posted a surplus of 4.9 billion USD in July. In the same month of the previous year, this figure was only 821 million USD. On an annual basis, core current account surplus reached 43.4 billion USD.
Net tourism revenues increased by 7.8% compared to the same period of last year and reached 5.6 billion USD in July. In the first seven months of the year, net tourism revenues increased to 23.8 billion USD, while this figure was recorded as 21.1 billion USD in the same period of last year.
Preliminary foreign trade figures for August indicated that the current account balance will post a surplus this month as well. The improvement in current account deficit is expected to continue thanks to the decline in imports and the increase in tourism revenues. The year-end current account deficit is expected to be 1.5% of GDP, i.e. 19 billion USD.
In July, current account balance posted a surplus of 566 million USD, while the annualised current account deficit was 19.1 billion USD. Exports increased by 13% compared to last year and reached 22 billion USD, while imports decreased by 10% to 27.1 billion USD.
Net services revenues rose to 6.9 billion USD in July, compared to 6.5 billion USD in the same month of the previous year. In January-July period, services revenues increased by 6.7% compared to last year and reached 28.3 billion USD. In the last 12-month period, net tourism revenues reached 44.3 billion USD, while net services revenues increased to 54.3 billion USD.
Gold imports decreased compared to the same period of the previous year, while energy imports increased. In July, net gold imports and net energy imports were 267 million USD and 4 billion USD, respectively. Current account balance excluding gold and energy posted a monthly surplus of 4.9 billion USD. Annualised net gold imports and net energy imports became 14.8 billion USD and 47.7 billion USD, respectively.
On the financing side of the current account balance, net direct investment inflows were 670 million USD in July, while net portfolio inflows were 3.7 billion USD. In the first seven months, direct investment inflows became 2.7 billion USD, while net portfolio inflows reached 15.9 billion USD.
Reserve assets increased by 5.4 billion USD in July, but official reserves decreased by 909 million USD since the beginning of the year. Net errors and omissions item recorded an inflow of 1.2 billion USD in July, while an outflow of 6 billion USD was recorded since the beginning of the year.
Seasonally adjusted current account balance data showed the positive trend that has been continuing for the last three months. Preliminary data released by the Ministry of Trade indicate that foreign trade deficit will be realised as 4.9 billion USD in August and the current account balance will post a surplus in August as well.
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