Turkey's budget balance sees $16.7B deficit in Jan-Aug
Tax revenues amount to $77B, while interest payments at $13.8B in first 8 months of this year
The Turkish central government registered 110.9 billion Turkish liras ($16.7 billion) budget deficit in January-August, the Treasury and Finance Ministry announced Tuesday.
The figure was up 63% compared to the same period last year, the ministry data showed.
Increasing 10% on an annual basis, the country's budget revenues hit 650.5 billion Turkish liras ($98.1 billion) in the first eight months of this year.
The country’s budget expenditures totaled 761.4 billion Turkish liras ($114.9 billion) in January-August, expanding 16% year-on-year.
Ministry data revealed that the budget balance excluding interest payments saw a deficit of 19.3 billion Turkish liras ($2.9 billion).
Tax revenues stood at 510.4 billion Turkish liras ($77 billion), while interest payments were 91.6 billion Turkish liras ($13.8 billion) in the same period.
In August, the budget balance posted a surplus of 28.2 billion Turkish liras ($7.27 billion). Turkey’s budget revenues reached 108.6 billion Turkish liras ($14.9 billion) last month, a 15% rise from the same month last year.
Budget expenditures last month hit 80.3 billion Turkish liras ($11 billion), down 14% compared to August 2019.
Excluding interest payments, the central government budget balance saw a gap of 40 billion Turkish liras ($5.5 billion) last month.
The average US dollar/Turkish lira exchange rate this August was around 7.27, while one dollar traded around 6.63 liras on average in the first eight months of this year.