UPDATE – Turkey's current account gap shrinks in February

UPDATES WITH MORE DETAILS</p> <p>By Tuba Sahin</p> <p>ANKARA (AA) – Turkey's current account deficit fell to $718 million in February, down by $3.78 billion from the same month last year, the Central Bank of Turkey said on Thursday.</p> <p>The figure was nearly $4.5 billion in February 2018. </p> <p>The 12-month rolling deficit reached to $17 billion in the month.</p> <p>The reading beat the median estimate of $900 million, which was forecast in a poll carried out by Anadolu Agency’s Finance Desk on Tuesday prior to the new data.</p> <p>A group of 18 economists estimated the 2019-end current account gap to reach $18.2 billion. </p> <p>&quot;This development in the current account is mainly attributable to $3.7 billion decrease in the goods deficit recording net outflow of $1.1 billion, $57 million increase in net inflows of services item recording $894 million and $68 million decrease in primary income deficit indicating $495 million,&quot; the bank said in its report. </p> <p>Gold and energy excluded current account posted over $2.7 billion surplus, while $449 million deficit was recorded in February 2018.</p> <p>In 2018, the current account balance posted a deficit of around $27.6 billion, improving from a nearly $47.5 billion deficit in 2017.