Türkiye's current account deficit narrowed to $684 million in May, official data showed on Friday, the lowest gap the country recorded since October last year.

The current account has posted deficits for seven consecutive months, following a surplus of $2.2 billion last October.

In the first five months of this year, the deficit totaled $21.04 billion, the Central Bank of the Republic of Türkiye (CBRT) data showed.

The May figure came in below market expectations, as a Bloomberg survey had forecast a deficit of $900 million, while Reuters projected $830 million, with analysts expecting the full-year gap to double to $20 billion compared to the previous year.

Excluding gold and energy, the current account posted a surplus of nearly $4.1 billion in May, according to the CBRT data.

The goods trade balance, adjusted for balance of payments methodology, posted a $4.8 billion deficit for the month.

On a 12-month rolling basis, the current account deficit stood at approximately $16 billion, while the adjusted foreign trade deficit was reported at $61 billion.

Türkiye's services sector continued to deliver strong foreign exchange inflows. In May, the net inflow from services amounted to $5.64 billion, of which $4.37 billion came from tourism-related travel income.

Foreign direct investment (FDI) contributed $702 million, while portfolio investments saw a net inflow of roughly $2.5 billion.

One of the most notable developments was in official reserves, which recorded a $13.47 billion increase.