Turkey's Current Account Deficit Falls 1/3 in May
Turkey's Current Account Deficit Falls 1/3 in May
Ankara - QNA
Turkey's current account deficit was down by one-third in May, the Turkish Central Bank said Thursday.
The 33 percent year-on-year fall reduced the deficit to $2.86 billion in May from $4.27 billion a year earlier, bringing the 12-month rolling deficit to $27.25 billion.
"Development in the current account is mainly attributable to the $1.724 billion decrease in the deficit in goods [foreign trade balance] item recording a $3.764 billion and $292 million decrease in the primary income deficit recording $442 million," the bank said in a statement carried by Anadolu Agency (AA) .
The month saw exports rise by just under a percentage point to $12.14 billion, while imports fell to $17.19 billion, a 3.8 percent decline.
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