Turkey’s budget sees $11.4 bln deficit in first eight months of year: Ministry

Turkey’s budget sees $11.4 bln deficit in first eight months of year: Ministry

ANKARA-Anadolu Agency
Turkey’s budget sees $11.4 bln deficit in first eight months of year: Ministry

Turkey’s central government budget balance posted a deficit of 50.8 billion Turkish Liras ($11.4 billion) from January to August, the Treasury and Finance Ministry announced on Sept. 17.

This was a 102 percent year-on-year increase in budget gap. 

The country’s budget revenues totaled 485.7 billion liras ($109 billion) in the first eight months of this year, up nearly 19 percent year-on-year, data showed.

During the same period, budget expenditures rose 23.7 percent to 536.5 billion liras ($120.6 billion) - marking a 50.8 billion lira ($11.4 billion) deficit.

The budget balance, excluding interest payments, saw a deficit of 559.4 million liras ($125.7 million) from January to August.

Official figures showed that tax revenues rose 19.4 percent to reach 410.1 billion liras ($92.2 billion), while interest payments were 50.2 billion liras ($11.3 billion) over the same period.

Monthly figures

In August, the budget balance also saw a deficit of 5.8 billion liras ($976 million).

Last month Turkey’s budget revenues totaled to 70.3 billion liras ($11.8 billion), up 23.3 percent on a yearly basis, according to official data.

Budget expenditures in August were 76.1 billion liras ($12.8 billion), a rise of around 32 percent annually.

Excluding interest payments, the central government budget balance saw a surplus of 2.5 billion liras ($412 million) last month.

The average U.S. dollar/Turkish Lira exchange rate in August was 5.94, while one dollar was trading for 4.46 liras on average in the first eight months of this year.

Turkish budget, Treasury and Finance Ministry, budget deficit