Financial News: Turkey Current Account Deficit Narrows To $4.48 Bln

Turkey Current Account Deficit Narrows To $4.48 Bln

05/11/2023 - 05:11:00 (RTTNews)

(RTTNews) - Turkey's current account deficit decreased at the end of the first quarter, primarily due to the narrowing of the shortfall in goods trade, data from the central bank showed on Thursday.

The current account deficit decreased to $4.48 billion in March from $8.76 billion in February.

The goods trade deficit fell notably to $6.289 billion in March from $10.486 billion in the previous month, while the surplus on services rose to $3.088 billion from $2.451 billion.

There was a $1.372 billion surplus in the gold and energy-excluded current account.

Under services, travel items recorded a net inflow of $2.067 billion in March.

The primary income balance showed a deficit of $1.354 billion in March, up from $820 million a month earlier.

The secondary income remained in surplus at $80.0 million versus $94.0 million in the prior month.

The capital account deficit stood at $10 million, while the financial account deficit dropped to $6.938 billion.

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