DM Monitoring
ANKARA: Turkey’s current account balance registered a $3.08 billion (TL 26.73 billion) deficit in May, official data showed Friday, with the full-year deficit seen narrowing thanks to rising exports and a partial recovery in tourism revenues.
The gap was down $919 million from the same month last year, the Central Bank of the Republic of Turkey (CBRT) said. In April, the current account posted a $1.71 billion deficit.
The country’s 12-month rolling deficit totaled almost $31.86 billion, down from $32.7 billion a month ago, the data showed.
The drop was mainly driven by an increase in services items, up to $939 million from $170 million year-on-year in May.
The goods item recorded a $2.87 billion outflow, increasing by $125 million compared to the same month of the previous year.
Excluding gold and energy, the current deficit amounted to $774 million, compared to a $2.08 billion deficit in the same month last year.
Travel items under services saw a net inflow of $665 million in May.
The bank also said direct investments recorded net inflows of $304 million during the month.
