Turkish Current Account Deficit Widens In March

Turkey's current account deficit widened in March, data from the central bank showed on Monday.

The current account deficit widened to $5.554 billion in March from $5.441 billion in February.

The annual shortfall was mainly driven by the net surplus of $2.329 billion in services, increasing by $1.472 billion from the previous year and the net deficit of $6.342 billion in the goods that widened by $3.356 billion.

Under services, travel recorded a net inflow of $1.450 billion, which was $708 million larger than the inflow in the same month of the previous year.

Primary income outflow increased by $174 million on net basis in March. Secondary income recorded $144 million net outflow, against an inflow of $27 million compared to the same month of the previous year.

The financial account showed a surplus of $529 million in March.

In the January to March quarter, the current account logged a deficit of $18.07 billion.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The US Centers for Disease Control and Prevention or CDC has ended recommendations for social distancing and quarantine with a view to minimize covid-19's impact on persons, communities, and health care systems. The agency also ended recommendation for test-to-stay in schools, CNN noted. Healthcare major Johnson & Johnson, which is in the middle of a talcum powder fiasco, said it is discontinuing talc-based JOHNSON'S Baby Powder globally in 2023. The company plans to transition to an all cornstarch-based baby powder portfolio. According to the company, the commercial decision to use cornstarch in all its baby powder products was made after conducting an assessment of its portfolio Walt Disney's streaming service Disney+ is rolling out its much-anticipated new ad-supported subscription plan for Disney+ in the U.S. as part of its bid to stem the loss and make its streaming business profitable after the services posted a hefty operating loss of more than $1 billion in the third quarter. It is also raising pricing for its bundled subscription plans with Hulu, ESPN+ and live TV.
Follow RTT