Türkiye's current account deficit down to $684M in May

By Mucahithan Avcioglu

ISTANBUL (AA) - Türkiye's current account balance posted a deficit of $684 million in May, the Turkish Central Bank announced Friday.

The figure was down significantly from April's $7.8 billion deficit.

The markets had expected the deficit to come in at $800 million for May.

The current account, excluding gold and energy, indicated a net surplus of $4.1 billion in the month, the bank noted.

Goods saw a deficit of $4.8 billion in May, down from $9.9 billion in April.

Meanwhile, services posted a net inflow of $5.6 billion with net revenues from transportation and travel services reaching $1.9 billion and $4.3 billion, respectively.

On an annualized basis, the current account posted a deficit of $16 billion in May with goods seeing a deficit of $61 billion and services posting a surplus of $62.2 billion.

Direct investment saw a net inflow of $702 million. "Specifically, nonresidents recorded a net inflow of $1.4 billion and residents’ external assets increased by $675 million," the central bank said in a statement.