Turkey's current account deficit hit $4.8 billion in March, marking an increase of $1.7 billion, year-on-year, Turkish Central Bank (CBRT) announced on Monday.

According to the CBRT's balance of payments report, the country's 12-month rolling deficit reached $55.4 billion in March.

"This development in the current account is mainly attributable to $1.7 billion increase in the goods deficit, recording net outflow of $4.6 billion and $240 million increase in primary income deficit to $1.3 billion," the bank said.

Travel, a major item under services, recorded a net inflow of $988 million in March, increasing by $239 million compared to the same month in 2017, the bank added.

CBRT also reported that the country's current account gap in the first quarter of this year amounted to $16.4 billion, rising from $8.4 billion compared to the same period last year.

Turkey's annual current account deficit in 2017 was around $47.3 billion, compared to the previous year's figure of $33.1 billion.

According to the official figures, the country's highest annual current account deficit in the last 20 years was in 2011 with $74.4 billion.