Turkey’s budget posts $5.3 billion deficit in first quarter
ANKARA - Anadolu Agency
According to an official statement, budget revenues this January to March totaled 167.4 billion liras ($43.8 billion), up 15.7 percent compared to the same period of last year.
Over the same period, budget expenses stood at 187.9 billion liras ($49.2 billion), up 17.7 percent compared to the same period of last year.
Interest payments in the first quarter rose 18.3 percent on a yearly basis to reach 22.3 billion liras ($5.8 billion), while tax revenues reached 145.8 billion liras ($38.2 billion) - a 19.9 percent annual rise.
Finance Minister Naci Ağbal said in the statement that tax revenues for this year will exceed the targeted figures in the government’s Medium-Term Program (MTP).
“In the coming months we will continue to decisively implement fiscal discipline to achieve the year-end budget targets in the MTP,” he added.
In 2017, Turkey’s budget deficit/GDP ratio was around 1.5 percent, below the MTP target. In the country’s MTP, the budget deficit/GDP ratio target is 1.9 percent this year, 1.8 percent next year, and 1.6 percent in 2020.