Turkey runs budget surplus $440 mln to August

Turkey runs budget surplus $440 mln to August

ANKARA – Anadolu Agency
Turkey runs budget surplus $440 mln to August


Turkey’s government ran a budget deficit of 129 million Turkish Liras ($44 million) in July, but it ran a surplus of 1.3 billion liras ($440 million) between January and July, Turkish Finance Minister Naci Ağbal said Aug. 15.

“Fiscal discipline, which constitutes one of the most powerful aspects of the Turkish economy, will be maintained in the coming period,” he said in a statement.      
Ağbal vowed to continue making structural reforms without pause, which he said would add further strength to the Turkish economy.

Government revenues in July stood at 42.5 billion liras ($14.3 billion), a 6.1 percent increase year-on-year, while budget expenditures were 42.4 billion liras ($14.35 billion), down 6.8 percent from a year earlier.
According to the ministry, Turkish government’s budget revenues reached 317.5 billion liras ($107.5 billion) in the first seven months of the year, a 14.4 percent increase over the same period last year.        

Tax revenues also rose 9.5 percent within the period to 252.7 billion liras ($85.5 billion). Budget expenditures in January-July rose to 316.3 billion liras ($107 billion), marking a 12.1 percent increase year-on-year.

The government’s expenses for health, pension, and welfare rose nearly 20.9 percent in the first seven months of the year to 14.6 billion liras ($4.94 billion) compared with the same period last year.

Personnel expenses rose 21.1 percent, reaching 89.3 billion liras ($30.2 billion) in January-July 2016.    
Interest expenses stood at 30.6 billion liras ($10.3 billion) in that period, a fall of 12 percent.

The government is aiming for a budget deficit of 29.7 billion liras ($10 billion) at the end of the year, according to the Finance Ministry.