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Turkey's Current Account Deficit Narrows In April

Turkey's current account deficit narrowed in April, data from the central bank revealed on Monday.

The current account deficit fell to $1.71 billion from $3.42 billion in the previous month. In the same period last year, the shortfall was $5.29 billion. The latest deficit was the lowest since October 2020.

The annual decline was mainly driven by a sharp decline in the goods deficit to $1.51 billion, and increase in net inflow in services item to $811 million.

Gold and energy excluded current account indicated $942 million surplus, which was observed as $3,548 million deficit in the same month of the previous year.

Under services, travel item recorded a net inflow of $596 million in April.

Primary income outflow increased by $110 million on net basis compared to the same month of the previous year, realizing $1.258 billion.

Secondary income recorded net inflow of $248 million, increasing by $212 million compared to the same month of the previous year.

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