Budget posts 144 billion Turkish Liras surplus in May

Budget posts 144 billion Turkish Liras surplus in May

Budget posts 144 billion Turkish Liras surplus in May

The Central Government budget posted a surplus of 144 billion Turkish Liras ($8.3 billion) in May, the Treasury and Finance Ministry said on June 15.

“Leading indicators, as well as the favorable outlook in economic growth and budget revenues, suggest that the budget deficit target of 3.5 percent [of GDP] set for 2022 could be met,” Treasury and Finance Minister Nureddin Nebati tweeted, commenting on the latest budget figures.

Turkey’s performance in public finances in 2022 has been much stronger than many countries, Nebati added.

Revenues increased by 204 percent in May from a year ago to 318 billion liras, with tax revenues rising 214 percent to 289.7 billion liras.

Expenditures rose by 47.3 percent to 174 billion liras, while interest expenditures amounted to 17.9 billion liras, up 28.4 percent. Non-interest expenditures grew 49.9 percent to 156 billion liras.

The central budget consequently produced a primary surplus of 162 billion liras in May, significantly larger than the 575 million liras of primary surplus in the same month of last year.

In January-May, the central budget posted a surplus of 124.6 billion liras against the deficit of 7.6 billion liras a year ago. The primary surplus also leaped 233 percent on an annual basis to 247 billion liras in the first five months of the year.