Turkey’s current account balance registered a $3.08 billion (TL 26.73 billion) deficit in May, official data showed Friday, with the full-year deficit seen narrowing thanks to rising exports and a partial recovery in tourism revenues.

The gap was down $919 million from the same month last year, the Central Bank of the Republic of Turkey (CBRT) said. In April, the current account posted a $1.71 billion deficit.

The country’s 12-month rolling deficit totaled almost $31.86 billion, down from $32.7 billion a month ago, the data showed.

The drop was mainly driven by an increase in services items, up to $939 million from $170 million year-on-year in May.

The goods item recorded a $2.87 billion outflow, increasing by $125 million compared to the same month of the previous year.

Excluding gold and energy, the current deficit amounted to $774 million, compared to a $2.08 billion deficit in the same month last year.

Travel items under services saw a net inflow of $665 million in May.

The bank also said direct investments recorded net inflows of $304 million during the month.

A major component of the current account, the trade deficit widened 20.2% year-on-year to $4.13 billion in May, according to the Turkish Statistical Institute (TurkStat).

An uptick in tourism revenue and exports are expected to narrow the deficit in 2021 as a whole compared to last year.

The median estimate in a Reuters poll showed a deficit of $3.03 billion in May. An Anadolu Agency (AA) survey projected a gap of $2.72 billion.

The median estimate in the Reuters poll for the full-year deficit was $23.25 billion, ranging from $18 billion to $29.1 billion. The AA survey projects the end-2021 balance will register a $25.8 billion deficit.

The current account recorded a deficit of $36.72 billion in 2020 due mostly to a sharp rise in the trade deficit and declining tourism revenues due to coronavirus fallout.

The nation’s 12-month current account ended 2019 in surplus for the first time since 2001.