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TURKEY: Current Account Deficit Narrows More Than Expected in May

TURKEY
  • Turkey’s current account deficit narrowed to $1.235bn (Est: -$1.50bn) in May from a revised -$5.437bn in April, according to central bank data. That marks the narrowest deficit since October 2023. Ahead of the data, analysts expected the deficit to narrow on seasonal factors such higher tourism income as well as a sharp rise in goods exports following a decline in April.
  • Bloomberg report that Turkey is scaling back a planned $23bn defense contract with the US to modernize NATO’s second largest fleet of F-16 fighter jets and will seek an offset agreement to produce some warplane parts locally. They add that Turkey is pushing to buy fewer upgrade kits and munitions to save billions of dollars amid spending cuts at home.
  • President Erdogan said Israel is flaunting NATO values by waging war in Gaza during a news conference in Washington. He added that his country won’t approve any cooperation between the alliance and Israel.

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