Turkey’s current account balance registered a lower than expected deficit in May, official data showed Friday.

The shortfall widened to around $6.47 billion (TL 112.07 billion) in May, the Central Bank of the Republic of Turkey (CBRT) said. It marked a $3.15 billion increase from a year ago and came in less than forecasts that hovered around $6.7 billion.

The rise stemmed from a marked increase in the goods trade deficit, which soared by $5.7 billion to reach $8.8 billion, the central bank said.

The country’s 12-month rolling deficit stood at $29.4 billion this May.

The gold- and energy-excluded current account posted a $388 million surplus, versus a deficit of over $1 billion in the same month of last year.

In a Reuters poll of 11 economists, the median estimate for the current account deficit in May was $6.7 billion. A Bloomberg survey of 13 analysts was for a $6.76 billion shortfall.

A group of 16 economists surveyed by Anadolu Agency (AA) this week projected the gap would come in at $6.15 billion.

The survey showed the end-2022 current account balance is forecast to see a deficit of $42.4 billion. The Reuters poll sees the at $40.30 billion for 2022 as a whole.

Economists have been revising up their forecasts for the 2022 deficit due to surging energy prices.

The deficit stood at $7.1 billion in January, the highest since December 2017, and was $5.55 billion in March.

In April, the current account deficit was nearly $2.95 billion.

The government says Turkey’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.