Turkey's C/a Deficit Turns Upwards In May, Exceeds Expectations

Istanbul, July 10 (DHA) - Turkey's current account deficit turned upwards in May, after falling on monthly and annual basis for more than one year and exceeded expectations.

The current account deficit rose by 342 million dollars to 3.99 billion dollars in May, against in the same month of 2014, reaching to 18.55 billion dollar in 5-month period and to 44.69 billion dollars on 12-month basis.

"The increase in the current account deficit is mainly attributable to 272 million dollars decrease in services surplus recording 2.14 billion dollars and 147 million dollars increase in primary income deficit reaching to 814 million dollars, in spite of the fact that the deficit of the balance of goods decreased by 127 million dollars to 5.37 billion dollars in comparison to May 2014."

Net errors and omissions stood at 1.8 billion dollars in May, after 2.9 billion in April, rose to 8.9 billion dollars inthe first five months of the year, known as "entries from unidentified sources."

Non monetary gold item recorded a net import of 108 million, decreasing from 621 million observed in May 2014. Net tourism incom fell by 169 million dollars to 2.11 billion dollars over the same period.

Direct investment recorded a net inflow of 638 million (increase in net liabilities) increasing by 573 million compared to the same month of the previous year.

Portfolio investment recorded a net outflow of 2.505 million. As regards to subitems through liabilities, non-residents’ equity security transactions recorded net purchases of 74 million, as government domestic debt securities recorded net sales of 1.47 billion dollars. Official reserves fell by 2.04 billion dollars in May.

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