Turkey's current account deficit in May declined to US$3.4 billion - a much lower figure than experts forecast, according to data released by Turkey's Central Bank on Friday.

Central Bank of Turkey announced the current account deficit in May 2014 at $3.4 billion, $0.6 billion lower than Anadolu Agency's forecasts.

Meanwhile the current account deficit in May 2013, which was $7.6 billion plummeted to $3.4 billion, keeping a downward spiral for the fifth consecutive month.

The overall current account deficit in the first five months of 2014 declined to $19.8 billion, a decrease of 12.4 billion – 38 percent – compared to the same period last year.

In January, the Central Bank of Turkey introduced drastic interest rate rises and the Banking Authority of Turkey imposed new measures to restrict private consumption and to ease the current account deficit.