June deficit below expectations

The current account deficit in June amounted to 4.49 billion USD and total deficit during the first half of 2013 reached 35.9 billion USD. However, weakening domestic demand and increasing revenues of the services sector kept the current account deficit below the projected figure of 5.1 billion USD. According to Central Bank, the cumulative deficit rose from 53.1 to 53.6 billion USD. Economists noted that the promising trend in exports also helped to curb the deficit in June, the lowest figure since two years. In fact, the current account yielded a surplus for the first time in six months when gold and energy transactions are excluded.