Budget posts 3.6 billion Turkish Liras surplus

Budget posts 3.6 billion Turkish Liras surplus

Budget posts 3.6 billion Turkish Liras surplus

The central government budget posted a surplus of 3.6 billion Turkish Liras (around $200 million) in August, data from the Treasury and Finance Ministry have shown.

Revenues increased by 109 percent last month from a year ago to stand at 306 billion liras, with tax revenues rising 107 on an annual basis to 272 billion liras.

Expenditures amounted to 302 billion liras, up 186 percent compared with August last year. Interest expenditures showed an increase of 66 percent year-on-year to 22.7 billion liras, whereas the rise in non-interest expenditures was 204 percent to 280 billion liras.

Consequently, the central government budget produced a primary surplus of 26.2 billion liras in August against a deficit of 65.5 billion in the same month of 2021.

In the first eight months of 2022, the budget posted a surplus of 33.1 billion years versus a large deficit of 245 billion of deficit a year ago.

Revenues grew 103 percent to 1.8 trillion liras, and expenditures went up by 91 percent to 1.74 trillion liras. Interest expenditures rose by 36 percent in January-August, and the primary surplus reached 207 billion liras.

The new Medium-Term Program, unveiled earlier this month, projects that the budget deficit will climb from 461 billion liras, or 3.4 of GDP, this year to 659 billion liras, or 3.5 percent of national income in 2023. The deficit is expected to shrink to 583 billion liras in 2024 and further down to 409 billion liras in 2025, according to the program.