Turkey’s budget sees $12.3 billion deficit in first nine months: Ministry

Turkey’s budget sees $12.3 billion deficit in first nine months: Ministry

ANKARA
Turkey’s budget sees $12.3 billion deficit in first nine months: Ministry

Turkey’s central government budget balance posted a deficit of 56.7 billion Turkish Liras ($12.35 billion) from January to September with a 79.4 percent year-on-year increase, the Treasury and Finance Ministry announced on Oct. 15.

The country’s budget revenues totaled 546.8 billion liras ($119 billion) in the first nine months of this year, up nearly 20 percent year-on-year, data showed.

During the same period, budget expenditures rose 23.6 percent to 603.5 billion liras ($131.5 billion)—marking a 56.7 billion lira ($12.35 billion) deficit.

The budget balance, excluding interest payments, saw a surplus of 3.7 billion liras ($800 million) from January to September.

Official figures showed tax revenues rose 19.2 percent to reach nearly 459.4 billion liras (around $100 billion), while interest payments were 60.4 billion liras ($13.2 billion) over the same period.

The New Economic Program estimates a 72.1 billion lira budget deficit in 2018, or 1.9 percent to the country’s GDP.

Monthly figures

In September, the budget balance also saw a deficit of 5.96 billion liras ($934 million), decreasing from 6.4 billion liras on a yearly basis.

Last month, Turkey’s budget revenues totaled 61.08 billion liras ($9.6 billion), up nearly 27.5 percent on a yearly basis, according to official data.

Budget expenditures in September were 67 billion liras ($10.5 billion), a rise of 23.3 percent annually.

Excluding interest payments, the central government budget balance saw a surplus of 4.25 billion liras ($666 million) last month.

The average United States dollar/lira exchange rate in September was 6.38, while one dollar traded for 4.59 liras on average in the first nine months of this year.

Budget, Turkish economy, Turkish Lira