Turkey posts biggest current account surplus in 17 years

Turkey recorded the highest current account surplus since the start of 2002 in July, according to central bank figures published on Friday.

The 12-month rolling surplus grew to $4.45 billion as the current account recorded a $1.16 billion surplus in July alone, the central bank said on its website. Turkey posted a $2.18 billion deficit in July last year.

Turkey’s current account has switched to a surplus from a large deficit after a currency crisis last year pummeled demand for imports. In June, the current account had registered the first surplus since President Recep Tayyip Erdoğan’s ruling party came to power 17 years ago.

The surplus for July almost matched a prediction of $1.1 billion in a survey of economists by the state-run Anadolu news agency on Wednesday.

The current account, excluding gold and energy, recorded a surplus of $4.59 billion in July alone, an increase of $2.43 billion from the same month a year ago.