In his latest statement, Vice President Yilmaz emphasized that positive developments regarding Turkey’s economic situation continue. Yilmaz stated that the current account deficit has decreased and reserves have strengthened as of May 2024.
The highlights of Yılmaz’s statements are as follows:
- As of May 2024, the annualized current account deficit decreased by $31.8 billion compared to May 2023 and fell to $25.2 billion.
- The improvement in the current account deficit in the January-May period of 2024 was 19.8 billion dollars compared to the same period last year.
- The improvement in the current account balance was largely due to the decrease in the foreign trade deficit and the increase in service revenues.
- The foreign trade deficit was defined by the balance of payments decreased by a total of 20.8 billion dollars in the January-May period of 2024 compared to the same period of the previous year.
- In May 2024, international resource inflows, excluding net errors and omissions, reached their highest level at 14.4 billion dollars.
- The increase in reserves was 17.6 billion dollars in May.
Yilmaz stated that they expect revenues from goods and services to increase in the coming period and the current account deficit to national income ratio to perform better than the OVP expectations and be below 2.5 percent. He also stated that they aim to increase the financing quality of the current account deficit and reserves by increasing direct foreign capital investments.