Turkey’s current account deficit grows in March

Turkey’s current account deficit grows in March

ANKARA
Turkey’s current account deficit grows in March

Turkey’s current account deficit hit $4.8 billion in March, marking an increase of $1.7 billion, year-on-year, the Turkish Central Bank (CBRT) announced on May 14. 

This figure was higher than expected from the current figure, which was at $4.1 billion.

According to the CBRT’s balance of payments report, the country’s 12-month rolling deficit reached $55.4 billion in March and the first quarter data to $16.4 billion. 

“This development in the current account is mainly attributable to a $1.7 billion increase in the goods deficit, recording a net outflow of $4.6 billion and $240 million increase in the primary income deficit to $1.3 billion,” the bank said.

Travel, a major item under services, recorded a net inflow of $988 million in March, increasing by $239 million compared to the same month in 2017, the bank added.

The bank also reported that the country’s current account gap in the first quarter of this year amounted to $16.4 billion, rising from $8.4 billion compared to the same period last year.

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

According to official figures, the country’s highest annual current account deficit in the last 20 years was in 2011 with $74.4 billion.

current account deficit, Turkey, economy, March