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Turkey’s current account deficit hit $5.43 billion in April, marking an increase of $1.7 billion, year-on-year, Turkish Central Bank (CBRT) announced on June 11.

According to the CBRT’s report on balance of payments, the country’s 12-month rolling deficit reached nearly $57.1 billion in April.

“This developmen­t in the current account is mainly attributab­le to a $1.8 billion increase in the goods deficit, net outflow of $5.46 billion and a $279 million increase in the primary income deficit to $1.49 billion,” the bank said.

Meanwhile, services surplus recorded a net inflow of $1.47 billion in April, up by $375 million year-on-year. Travel, a major item under services, recorded a net inflow of $1.12 billion in April, increasing by $366 million compared to the same month in 2017, the bank added.

The CBRT also reported that the country’s current account gap in the first four months of this year amounted to around $21.8 billion, rising from $9.7 billion compared to the same period last year.

Turkey’s annual current account deficit in 2017 was around $47.3 billion, compared to the previous year’s figure of $33.1 billion.

According to official figures, the country’s highest annual current account deficit in the last 20 years was in 2011 at $74.4 billion.

Official reserves increased by $2.76 billion in April while net errors and omissions stood at $264 million. From January to April, net errors and omissions amounted to $3.8 billion.

Net inflows from direct investment­s rose $138 million to $703 million compared to April 2017, in large part due to a fall in net asset acquisitio­n of $243 million to $160 million and net liability formation by $105 million to $863 million.

During the same period, portfolio investment­s posted a net outflow of $502 million. When analyzed by sub-items, non-residents made net sales of $414 million on the stock market and net purchases of $456 million on government debt securities. In April, banks issued net repayments of $339 million, General Government $250 million, and other sectors of $716 million, on bond issues abroad.

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