The current account deficit was 6.5 billion dollars in May!

Turkey's current account balance gave a deficit of 6.5 billion dollars in May. The current account deficit was expected to reach $6.7 billion in May as energy prices led to sharp growth in the trade deficit.

According to Central Bank data; current account deficit increased by 3 billion 151 million dollars compared to the same month of the previous year and reached 6 billion 468 million dollars. The twelve-month current account deficit rose to 29 billion 444 million dollars.

In this development, compared to the same month of the previous year, although the inflows from the services balance increased by 2 billion 325 million dollars to 3 billion 222 million dollars and the outflows from the primary income balance decreased by 417 million dollars to 913 million dollars, the foreign trade deficit defined in the balance of payments was 5 billion dollars. The increase of 699 million dollars to 8 billion 753 million dollars was effective.

Core balance gave a surplus of 388 million dollars

While the current account, excluding gold and energy, had a deficit of 1 billion 28 million dollars in the same month of the previous year, it gave a surplus of 388 million dollars this month.

In the services balance, the net incomes arising from the travel item increased by 1 billion 545 million dollars compared to the same month of the previous year and reached 2 billion 97 million dollars.

The secondary income balance item, which recorded a net inflow of $170 million in the same month of the previous year, recorded a net outflow of $24 million this month.

Portfolio exit of 4.3 billion dollars

Net inflows from direct investments amounted to $959 million.

Portfolio investments amounted to a net outflow of 4 billion 325 million dollars. When analyzed by sub-items, it was seen that non-residents made net sales of 1 billion 664 million dollars and 495 million dollars, respectively, in the stock and government domestic debt securities markets.

Regarding bond issuances abroad, banks made a net repayment of 1 billion 852 million dollars.

Under other investments, the effective and deposit assets of domestic banks in their foreign correspondents increased by 1 billion 280 million dollars.

Deposits of foreign banks in the country recorded a net increase of 1 billion 138 million dollars, of which 1 billion 56 million dollars in foreign currency and a net increase of 82 million dollars in Turkish lira.

Regarding the loans obtained from abroad; banks, General Government and other sectors net repayments of $172 million, $154 million and $94 million, respectively.

There was a net decrease of 5 billion 939 million dollars in official reserves this month.