Turkey Current Account Deficit Widens in May

Turkey's current account deficit widened to $1.46 billion in May 2026 from $1.11 billion in the same month last year, exceeding market expectations of a $0.96 billion deficit. The primary income gap expanded to $2.17 billion from $1.84 billion in May 2025, while the secondary income shortfall also increased to $0.16 billion from $0.03 billion. In contrast, the goods account deficit narrowed to $4.34 billion from $4.78 billion, while the services account surplus eased to $5.21 billion from $5.55 billion. Excluding gold and energy, the current account posted a $3.63 billion surplus in May 2026, edging up from $3.62 billion in the same month last year. Over the first five months of the year, the country's cumulative current account deficit reached $30.68 billion, compared with $23.73 billion in the corresponding period of 2025.

Turkey’s current account posted a deficit of $5.70 billion in April 2026, the smallest shortfall since November 2025, narrowing from a deficit of $8.45 billion in the same month a year earlier. The goods account deficit shrank to $6.82 billion from $9.89 billion in April 2025, while the primary income gap stood at $2.40 billion, compared with $2.38 billion a year earlier. In contrast, the secondary income deficit widened to $0.15 billion from $0.10 billion. Meanwhile, the services account surplus eased to $3.67 billion from $3.94 billion. Excluding gold and energy, the current account registered a surplus of $0.32 billion. In the first four months of the year, the country recorded a current account deficit of $29.37 billion, up from $22.59 billion in the corresponding period of 2025.

Turkey's current account deficit widened sharply to $9.7 billion in March 2026 from $4.9 billion in the same month of the previous year. It marked the largest current account shortfall since January 2023, as the goods account deficit almost doubled to $9.5 billion from $4.9 billion in March 2025, while the services account surplus slightly fell to $2.6 billion from $2.7 billion. Moreover, the secondary income deficit increased significantly to $0.2 billion from $0.009 billion. In contrast, the primary income shortfall slightly decreased to $2.5 billion in March 2026 from $2.7 billion a year earlier. Excluding gold and energy, the current account deficit reached $3.9 billion. Over the first quarter, the country recorded a current account shortfall of $23.7 billion, higher than $14.1 billion in the corresponding period a year earlier.