World Economy

Turkey Budget Deficit Expands

Turkey Budget Deficit ExpandsTurkey Budget Deficit Expands

Turkey’s central government budget balance recorded a deficit of some 46 billion Turkish liras ($11.2 billion) in the first half of this year, the ministry of treasury and finance announced on Monday, World Bulletin reported. From January to June, Turkey’s budget revenues totaled 353.6 billion Turkish liras ($86.5 billion), up around 18% year-on-year, according to official data. In the same period, budget expenditures rose nearly 23% to 399.7 billion Turkish liras—marking a 46 billion Turkish lira deficit. The budget balance, excluding interest payments, saw a deficit of 12.3 billion Turkish liras in the six-month period. Official figures showed that tax revenues amounted to 294.8 billion Turkish liras while interest payments were 33.8 billion Turkish liras over the same period. In 2017, Turkey’s budget deficit/GDP ratio was around 1.5%—below the targets noted in the country’s Medium-Term Program. According to the MTP, the budget deficit/GDP ratio target is 1.9% this year, 1.8% next year and 1.6% in 2020.


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