Balance of Payments - July 2026

The current account recorded a surplus of 36 million USD in July, marking the first surplus since October 2025, supported by the seasonal increase in services revenues. Nevertheless, the rapid widening in the foreign trade deficit kept the current account surplus at its lowest July level in the past three years. In July 2025, the current account had posted a surplus of 1.8 billion USD.

In the January–July period, the current account deficit increased by 43.6% yoy to 34.8 billion USD, while the 12-month cumulative current account deficit rose from 39.0 billion USD in June to 40.7 billion USD. Thus, the cumulative current account deficit exceeded the 40 billion USD level for the first time since the end of 2023.

According to preliminary data released by the Ministry of Trade, the foreign trade deficit continued to widen in August, increasing by 22.3% yoy to 5.2 billion USD. Although the ongoing tourism season is expected to support the current account balance in August, we expect the rapid increase in the foreign trade deficit to limit this positive contribution. In the Medium-Term Program announced on September 6, the current account deficit for 2026 was projected at 47.5 billion USD, corresponding to 2.6% of GDP. Looking ahead, the impact of geopolitical developments on energy prices and the course of domestic demand conditions are expected to remain key determinants of the balance of payments outlook.