Türkiye's current account deficit at 7-month low

By Tuba Ongun

Türkiye's current account balance ran a $1.24 billion deficit in May, the lowest since last October, according to central bank data released on Friday.

The figure was significantly down from a $5.44 billion deficit in April and $7.78 billion in May 2023, the bank’s data showed.

The gold- and energy-excluded current account saw a $3.26 million surplus in the month, the bank said.

The goods deficit for the month reached $4.2 billion, while the services sector ran a net surplus of $4.72 billion. Under the services sector, travel had a net inflow of $3.92 billion in May.

In January-May, the current account balance recorded a $17.6 billion deficit, down from $32.4 billion in the same period last year.