Current account deficit recorded in May

Turkey's current account balance recorded a deficit of 1 billion 235 million dollars in May, while the current account excluding gold and energy posted a surplus of 3 billion 263 million dollars.

According to balance of payments data released by the Central Bank of the Republic of Turkey, the current account recorded a deficit of 1 billion 235 million dollars in May 2024.

FOREIGN TRADE DEFICIT AT 4 BILLION 199 MILLION DOLLARS

The foreign trade deficit, defined by the balance of payments, was 4 billion 199 million dollars in May. During this period, net inflows from the services balance amounted to 4 billion 724 million dollars, and net revenues from the travel item were 3 billion 915 million dollars.

A net outflow of 1 billion 607 million dollars was recorded in the primary income balance item, and a net outflow of 153 million dollars was recorded in the secondary income balance item.

While the annualized current account deficit fell to 25 billion 191 million dollars in May, the improvement in the annualized current account deficit over the last year pointed to 31 billion 831 million dollars.

On the other hand, the ratio of the current account deficit to GDP fell to approximately 2.25 percent when considering the 2023 year-end GDP.