Turkish current account deficit grows in May

Turkey's current account deficit widened by $3.15 billion in May from the same month a year ago.

The deficit grew to $6.47 billion, the Turkish central bank said on Friday. The 12-month rolling current account gap increased to $29.4 billion, it said.

The foreign trade deficit was $5.7 billion in May, the central bank said.

A widening in Turkey's current account deficit, spurred on by the rising cost of energy, is pressuring the lira, which has lost almost a quarter of its value against the dollar this year after declining 44 percent in 2021.

The current account, excluding gold and energy, posted a surplus of $388 million compared with a deficit of $1.03 billion in May last year.

 

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