Budget balance posts $21.6 bln deficit in 2021

Budget balance posts $21.6 bln deficit in 2021

Budget balance posts $21.6 bln deficit in 2021

Turkey’s central government budget deficit increased by 9.7 percent on an annual basis to 192.3 billion Turkish Liras ($21.6 billion), according to data released by the Treasury and Finance Ministry on Jan. 17. 

According to the medium-term economic program published in September 2021, the budget deficit was expected to be 230 billion liras ($27.7 billion) last year.

Turkey’s budget revenues surged by 36.8 percent year on year to 1.4 trillion liras ($158.4 billion) last year.

Its expenditures reached nearly 1.6 trillion liras ($180 billion) in 2021, up 32.9 percent from a year ago.

Excluding interest payments, the budget gap was 11.4 billion liras ($1.3 billion) in 2021.

Tax revenues totaled 1.2 trillion liras ($131 billion), while interest payments were 180.9 billion liras ($20.4 billion) in the same period.

One U.S. dollar traded for 8.88 liras on average last year and 13.33 in December 2021.

In December 2021, the budget balance of the central government registered a gap of 145.7 billion liras (some $10.9 billion), up from 43 billion liras ($5.5 billion) in December 2020.

Budget revenues were 135.1 billion liras ($10.1 billion) last month, rising 40 percent on an annual basis.

Turkey’s budget expenditures doubled from a year ago to 280.8 billion liras ($21.1 billion) last month.

Excluding interest payments, the central government budget gap was 136.7 billion liras ($10.3 billion) in December 2021.

Economy, Central Bank,