Budget posts 94 billion liras surplus in six months

Budget posts 94 billion liras surplus in six months

Budget posts 94 billion liras surplus in six months

The central government budget posted a surplus of 93.6 billion Turkish Liras in the first six months of the year, data from the Treasury and Finance Ministry showed on July 18.

In the same period of 2021, the budget posted a deficit of 32.5 billion liras.

Revenues increased more than 100 percent in January-June from a year ago to stand at 1.27 trillion liras with tax revenues rising 108 percent on an annual basis to amount to over 1 trillion liras.

Value-added tax (VAT) collection rose around 50 percent to 74.5 billion liras and revenues from the special consumption tax (SCT) leaped 73.1 percent to 165 billion liras, while VAT on imports grew nearly 131 percent to 255 billion liras.

Revenues from income and corporate taxes increased by 48 percent to reach 139 billion liras and 278 percent to reach 263 billion liras, respectively, in the first half of the year.

Overall expenditures amounted to 1.17 trilling liras in January-June, rising nearly 77 percent in the same period of 2021, data from the ministry showed.

Interest expenditures were up 48 percent yearly to 135 billion liras, while non-interest expenditures increased by 81 percent to 1 trillion liras.

The central budget, consequently, produced a primary surplus of 93.6 billion liras in the first half of 2022, against the primary deficit of 32.5 billion liras a year ago.

Monthly figures

In June alone, the central government budget deficit widened by 24.1 percent on an annual basis, data showed.

The budget deficit, which stood at 25 billion liras in June 2021, climbed to 31 billion liras.

Revenues increased nearly 105 percent year-on-year to 181 billion liras and tax revenues grew more than 108 percent from a year ago to 152.6 billion liras.

VAT and STC revenues rose by 49.8 percent and 114 percent to 8.9 billion liras and 39 billion liras, respectively. Some 55 billion liras in VAT were collected from imported goods last month, up nearly 155 percent year-on-year.

Income tax revenues increased 59 percent to 22.3 billion liras, while corporate tax revenues grew 123 percent to 3.6 billion liras.

Interest and non-interest expenditures stood at 12.8 billion liras and 199.3 billion liras, respectively, exhibiting increases of 36 percent and 92 percent.

The central government budget produced a primary deficit of 31 billion liras in June, widening from the 25 billion liras of primary deficit in the same month of 2021.

Türkiye, Economy,