Turkey’s current account deficit at $5.4 billion in April

Turkey’s current account deficit at $5.4 billion in April

ANKARA
Turkey’s current account deficit at $5.4 billion in April

Turkey’s current account deficit hits $5.43 billion in April, marking an increase of $1.7 billion year-on-year, the Central Bank (CBRT) announced on June 11.

According to the Bank’s report on balance of payments, the country’s 12-month rolling deficit reached nearly $57.1 billion in April.

The current account gap became $21.8 billion in the first four months of the year, rising from $9.7 billion compared to the same period last year, according to the data.

The April development in the current account is mainly attributable to a $1.82 billion increase in the goods deficit, recording a net outflow of $5.46 billion and a $279 million increase in the primary income deficit to $1.49 billion, the Bank stated.

Travel, a major item under services, recorded a net inflow of $1.12 billion in April, increasing by $366 million compared to the same month in 2017, the Bank added.

Investment income under primary income item indicated a net outflow of $1.42 billion, increasing by $269 million in comparison to the same period the previous year, according to the Bank data.

Turkey’s annual current account deficit in 2017 was around $47.3 billion, compared to the previous year’s figure of $33.1 billion.

current account deficit, Turkish economy, statistics