Turkey’s budget posts $13 billion deficit in Jan-Oct

Turkey’s budget posts $13 billion deficit in Jan-Oct

Turkey’s budget posts $13 billion deficit in Jan-Oct

Turkey’s central government budget balance recorded a deficit of 62.1 billion Turkish Liras ($13 billion) in the first 10 months of 2018 with a 77.7 percent yearly increase, data from the Treasury and Finance Ministry revealed on Nov. 15.

The country’s budget revenues totaled 609 billion liras ($126.9 billion) from January to October, up nearly 20 percent from the same period last year, the ministry said in a statement.

During the sale period, budget expenditures rose 23.3 percent to 671.1 billion liras ($140 billion)—marking a 62.1 billion Turkish liras ($13 billion) deficit.

The budget balance, excluding interest payments, saw a surplus of 2.5 billion liras ($521 million) from January to October.

Official figures showed that tax revenues rose around 18 percent to reach nearly 507.9 billion liras (around $105.8 billion), while interest payments were 64.6 billion liras ($13.5 billion) in the same period.

Monthly figures

In October, the budget balance also saw a deficit of 5.4 billion liras ($931 million) with a 64 percent year-on-year increase.

Turkey’s budget revenues totaled 62.1 billion liras ($10.7 billion) last month, up 17.6 percent on a yearly basis.

Budget expenditures in October were 67.5 billion liras ($11.6 billion), a rise of 20.2 percent annually.

Excluding interest payments, the central government budget balance saw a surplus of 197 million liras ($34 million) last month.

The average U.S. dollar/Turkish Lira exchange rate in October was 5.8, while one dollar traded for 4.8 liras on average in the first 10 months of 2018.

The New Economic Program envisages a 72.1 billion lira budget deficit in 2018, or 1.9 percent to the country’s GDP.

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