Current account deficit shrinks to $4.1 billion in March
ANKARA
The current account posted a deficit of $4.09 billion in March, declining from a revised $4.32 billion in February, data from the Central Bank showed on May 13.
In March last year, the current account deficit was $4.12 billion.
“Thanks to the resilient structure of our exports, the favorable trend in energy prices, and the contribution of tourism revenues, we anticipate the current account deficit to be significantly below our forecast in the medium-term program at the end of the year,” Finance Minister Mehmet Şimşek wrote on X, commenting on the Central Bank data.
The program forecast the current account deficit at $28.6 billion or 2 percent of the expected GDP this year.
The decreasing external financing need and the resumption of reserve accumulation strengthen macro-financial stability while enhancing the resilience of the Turkish economy, Şimşek said.
Excluding gold and energy, the current account indicated a net surplus of $1.47 million, showed the bank’s data.
The 12-month rolling current account deficit stood at $12.6 billion in March, declining slightly from February’s $12.65 billion.
Net inflows from the services recorded $2,67 billion in March, with net revenues from travel services at $2.18 billion.
“As regards the annualized figures, the current account deficit was mainly financed through direct investment with a net inflow of $5.5 billion, portfolio investment with a net inflow of $13.2 billion,” said the Central Bank.
Direct investment recorded a net inflow of $338 million in March, while portfolio investments recorded a net outflow of $3.55 billion.
Non-residents investments on equity securities and government domestic debt securities market recorded net sales of $399 million and $1.52 billion, respectively.
The current account deficit widened from $9.73 billion in January-March last year to $12.28 billion in the first quarter of 2025, the Central Bank data showed.
