Türkiye’s current account registered a $3.1 billion deficit in August, the country’s central bank said on Tuesday, as the soaring global energy prices weighed on the trade balance.

The deficit came in below forecasts and the nearly $4.1 billion gap in July. The balance had posted $1.1 billion in August of 2021.

The shortfall in the first eight months of the year widened to $39.7 billion, the Central Bank of the Republic of Türkiye (CBRT) said.

The gap was mainly driven by the trade deficit, a major component of the current account balance, which rose to $9.7 billion in August, mainly due to the country’s energy import bill, up from $6.8 billion in the same period of the previous year, the data showed.

Excluding gold and energy trade, the current account balance saw a surplus of $6.3 billion.

The services sector posted a surplus of $7.24 billion, while the travel item, under services, recorded net inflows of $5.1 billion in the month.

Direct investments saw net inflows of $573 million.

The Turkish government sees the deficit at $47.3 billion this year, according to official forecasts. In 2021 the shortfall stood at nearly $14.9 billion.

The government says Türkiye’s chronic current account deficit will turn into a surplus under its new economic program, which prioritizes low-interest rates to boost exports, production and investments.