Türkiye’s current account recorded a deficit of nearly $3.46 billion (TL 62.13 billion) in June, official data showed Thursday, as soaring energy prices widen the shortfall.

The gap increased by 191% year-over-year from $1.2 billion in June of last year, mostly due to rising costs of energy imports, triggered by Russia’s invasion of Ukraine. Yet, the deficit slipped from the nearly $6.57 billion shortfall in May.

The 12-month total current account gap widened to $32.7 billion from $30.4 billion in May, the data from the Central Bank of the Republic of Türkiye (CBRT) showed. In 2021, the deficit was $14.9 billion.

The January-June shortfall stands at $32.4 billion, a two-and-a-half times increase versus the same period of last year.

The June figure also stemmed from a marked rise in the goods trade deficit, which grew by around $4.8 billion to reach $6.4 billion, the bank said, up from $1.63 billion a year ago.

The gold- and energy-excluded current account posted a $4.2 billion surplus, versus a surplus of over $1.9 billion in the same month of last year.

Services posted a surplus of $4.02 billion in June, backed by tourism, which generated $2.73 billion in revenue.

Meanwhile, direct investment recorded a net inflow of $950 million while portfolio investment posted a net outflow of $1.6 billion, the data showed.

Net errors and omissions, or capital movements of unknown origin, showed monthly inflows of $3.98 billion, taking the January-June inflows to around $17.5 billion

Official reserves recorded a net outflow of $1.96 billion, the bank said.

The government says Türkiye’s chronic current account deficit, which stood at $14.9 billion last year, will turn into a surplus under its economic plan that prioritizes growth, exports and employment, with low interest rates.