Latest Balance of Payments Data Announcement
According to the latest data released by the Central Bank of the Republic of Turkey, the country’s current account recorded a deficit of 1 billion 235 million dollars in May 2024. This deficit was driven mainly by a foreign trade deficit of 4 billion 199 million dollars during the same period.
However, there were some positive developments in other areas of the balance of payments. Net inflows from the balance of services reached 4 billion 724 million dollars, while net revenues from the travel item stood at 3 billion 915 million dollars in May. On the flip side, there was a net outflow of 1 billion 607 million dollars in the primary income balance item and 153 million dollars in the secondary income balance item.
Despite the deficit in May, the annualized current account deficit saw a decrease to 25 billion 191 million dollars. This improvement over the last year was significant, with the annualized current account deficit now standing at 31 billion 831 million dollars.
In terms of the current account deficit as a ratio to national income, the figure dropped to approximately 2.25 percent when considering the end-2023 national income.
These latest figures provide insight into Turkey’s economic performance in the international trade and financial arena, indicating areas of strength and areas that may require further attention in the coming months.
