Turkey’s current account gap at $6.47B in May, less than expected

Turkey’s current account balance registered a lower than expected deficit in May, official data showed Friday.

The shortfall widened to around $6.47 billion (TL 112.07 billion) in May, the Central Bank of the Republic of Turkey (CBRT) said. It marked a $3.15 billion increase from a year ago and came in less than forecasts that hovered around $6.7 billion.

The survey showed the end-2022 current account balance is forecast to see a deficit of $42.4 billion. The Reuters poll sees the at $40.30 billion for 2022 as a whole.

Economists have been revising up their forecasts for the 2022 deficit due to surging energy prices.