Turkey’s Budget Sees $12.3bn Deficit
ANKARA (Dispatches) - Turkey’s central government budget balance posted a deficit of 56.7 billion Turkish Liras ($12.35 billion) from January to September with a 79.4 percent year-on-year increase, the Treasury and Finance Ministry has announced.
The country’s budget revenues totaled 546.8 billion liras ($119 billion) in the first nine months of this year, up nearly 20 percent year-on-year, data showed.
During the same period, budget expenditures rose 23.6 percent to 603.5 billion liras ($131.5 billion)—marking a 56.7 billion lira ($12.35 billion) deficit.
The budget balance, excluding interest payments, saw a surplus of 3.7 billion liras ($800 million) from January to September.
Official figures showed tax revenues rose 19.2 percent to reach nearly 459.4 billion liras (around $100 billion), while interest payments were 60.4 billion liras ($13.2 billion) over the same period.
The New Economic Program estimates a 72.1 billion lira budget deficit in 2018, or 1.9 percent to the country’s GDP.
The country’s budget revenues totaled 546.8 billion liras ($119 billion) in the first nine months of this year, up nearly 20 percent year-on-year, data showed.
During the same period, budget expenditures rose 23.6 percent to 603.5 billion liras ($131.5 billion)—marking a 56.7 billion lira ($12.35 billion) deficit.
The budget balance, excluding interest payments, saw a surplus of 3.7 billion liras ($800 million) from January to September.
Official figures showed tax revenues rose 19.2 percent to reach nearly 459.4 billion liras (around $100 billion), while interest payments were 60.4 billion liras ($13.2 billion) over the same period.
The New Economic Program estimates a 72.1 billion lira budget deficit in 2018, or 1.9 percent to the country’s GDP.