Budget posts 133 billion Turkish Liras deficit

Budget posts 133 billion Turkish Liras deficit

Budget posts 133 billion Turkish Liras deficit

The central government budget produced a deficit of 132.5 billion Turkish Liras ($6.7 billion) in April, the Treasury and Finance Ministry has said.

That was higher than the 50.2 billion liras of deficit the budget posted in April 2022.

Budget revenues grew by 63.3 percent last month from a year ago to 268 billion liras, with tax collection rising 71 percent to 233 billion liras, the data from the ministry showed on May 13.

Expenditures amounted to 400 billion liras, rising 87 percent compared with April last year.

Non-interest expenditures were up 87.5 percent to 366 billion liras, while interest expenditures grew 80.3 percent year-on-year to 34.5 billion liras.

Consequently, the central government budget produced a primary deficit of 98 billion liras in April, widening by 216 percent from a year ago.

Between January and April, expenditures increased by 84 percent, while the annual rate of growth in revenues was slower at 39 percent.

Non-interest expenditures amounted to 1.3 trillion liras, rising more than 90 percent in the first four months of 2023 from a year ago.

Interest expenditures rose by 30 percent to 135 billion liras, which led to a primary deficit of 247 billion January-April versus a primary surplus of 84.6 billion liras in the same period of 2022.

The central budget also posted a deficit of 383 billion liras, up from a deficit of 19.4 billion liras a year ago.

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