Turkey's Budget Posts $11.9 Billion Deficit, $62.3 Billion Revenues

Published June 18th, 2019 - 09:00 GMT
Turkey's budget revenues totaled 347.5 billion Turkish liras ($62.3 billion), up 15% year-on-year.
Turkey's budget revenues totaled 347.5 billion Turkish liras ($62.3 billion), up 15% year-on-year. (Shutterstock)
Highlights
Tax revenues totals nearly $48.8 billion, while interest payments amount to $8.6 billion in five-month period

Turkey's central government budget balance posted a deficit of some 66.5 billion Turkish liras ($11.9 billion) in the January-May period this year, the Ministry of Treasury and Finance announced Monday. 

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In the five-month period, Turkey's budget revenues totaled 347.5 billion Turkish liras ($62.3 billion), up 15% year-on-year.

Over the same period, budget expenditures rose around 28% to reach 414 billion Turkish liras ($74.2 billion) -- marking a 66.5 billion lira ($11.9 billion) deficit.

Official figures revealed that the budget balance, excluding interest payments, recorded a narrower deficit of 20.1 billion Turkish liras ($3.74 billion).

The central government's tax revenues totaled nearly 263 billion liras ($48.8 billion) as interest payments amounted to some 46.4 billion liras ($8.6 billion) in the same period.

Last year, Turkey's central government budget balance posted a deficit of 72.6 billion Turkish liras ($14.8 billion), marking a 1.9% budget-deficit-to-GDP ratio.

The government aims to achieve a budget deficit/GDP ratio target of 1.8% this year, 1.9% next year, and 1.7% in 2021.


© Copyright Andolu Ajansi

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