Turkey’s 5-month current account deficit goes up to $ 16.7 billion due to pandemic mainly

With the effect of the pandemic, tourism revenues were included as zero in the balance of payments account in May after April. On top of that the increase in foreign trade deficit and the exit of foreigners from the capital markets has resulted in a current account deficit of 16.7 billion dollars in 5 months.

The fact that tourism revenues have stopped with the Coronavirus outbreak and large decline in foreign trade is experienced continues to negatively affect the current account balance. The current account deficit was $ 3 billion 764 million in May, according to Central Bank data. The current account balance, which came in slightly below expectations of $ 4 billion, had given a surplus of $ 1 billion to $ 71 million in May last year. Together with May data, January – May 5-month current account deficit has increased to $ 16 billion 720 million.