In Brief : Tourism Gives Turkey a Surplus
Helped by rapidly rising earnings from tourism, Turkey today reported a record current account surplus of $408 million for the first 10 months of 1988.
The January-October surplus was the highest 10-month figure since detailed records started in 1973. It contrasted with a deficit of $294 million in the same period last year and a deficit of $987 million for all of 1987.
Turkey, which is under pressure from the International Monetary Fund and the World Bank to make economic reforms, earlier estimated that it would have a 1988 current account deficit of $555 million.
The current account covers the balance between imports and exports, plus international transactions in invisible goods and services.
The Central Bank, announcing the figures, said revenue from tourism rose to $1.9 billion in the first 10 months from $1.3 billion in the same 1987 period.
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