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Financial News: Turkey Current Account Balance Swing To Deficit

Turkey Current Account Balance Swing To Deficit

07/13/2020 - 07:32:00 (RTTNews)

(RTTNews) - Turkey's current account balance swung to deficit in May from last year, data from the central bank showed on Monday.

The current account registered a deficit of $3.76 billion in May versus a surplus of $1.07 billion in the same period last year. In April, the current account deficit was $5.09 billion.

The goods deficit increased by $2.38 billion with a net outflow of $2.73 billion and services logged a net outflow of $33 million versus an inflow of $2.91 billion in the same month last year.

Investment income under primary income item posted a net outflow of $920 million in May, and the secondary income account recorded a net outflow of $28 million.

The capital account deficit was $4 billion in May. At the same time, the financial account deficit was $7.31 billion versus a surplus of $2.61 billion in the previous month.

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