Economy

Turkey: Current account balance sees $3.76B gap in May

12-month rolling deficit stands at $8.24B, says Central Bank

Tuba Sahin   | 13.07.2020
Turkey: Current account balance sees $3.76B gap in May

ANKARA

Turkey's current account balance saw $3.76 billion deficit in May, the country's Central Bank revealed on Monday.

The figure deteriorated from a $1.07 billion surplus in the same month last year, according to the bank's report on balance of payments.

This development is mainly attributable to an increase of $2.39 billion in the goods deficit that recorded a net inflow of $2.73 billion in May, it said.

Another factor is a net outflow of $33 million in the services, which posted a net inflow of $2.9 billion in the same month last year, it added.

Turkey's 12-month rolling deficit reached $8.24 billion in May.

The figure came at better than market projections of $4.3 for the month.

The estimations of a group of 14 economists polled by Anadolu Agency last week ranged between $3.2 billion and $5.6 billion for May.

The survey also forecast the end-2020 current account balance to hit $17.5 billion deficit.

The current account balance excluding gold and energy also registered a $1.85 billion deficit in May, versus $4.35 billion surplus in the same month a year earlier.

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