Turkey’s current account deficit up in May

Turkey’s current account deficit up in May

ANKARA - Anadolu Agency
Turkey’s current account deficit up in May

AFP photo

Turkey’s current account deficit widened to $3.99 billion in May, up $342 million from the same month in the previous year, the Central Bank reported on July 10.

The current account, a measure of the trade in goods and services, was at $3.65 billion a year earlier, the report said.

Economists polled by Anadolu Agency forecast the deficit to be $3.6 billion, significantly lower than the report.

Exports fell 18.3 percent in May year-on-year to $11.9 billion, while imports dropped 13.9 percent to $17.3 billion from 12 months earlier.

The 12-month rolling deficit was up to $44.69 billion from $44.34 billion.

Direct investment surged by $573 million to $638 million from the previous year.

The Central Bank attributed the widening of the current account deficit in May to a $272 million decrease in the services surplus, which fell to $2.13 billion.

There was also a $147 million increase in the primary income deficit to $814 million.