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15:04, 18 January 2018 Thursday
14:24, 16 October 2017 Monday

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Turkey's budget deficit down over 60 pct in September
Turkey's budget deficit down over 60 pct in September

Central government's budget deficit fell to $1.84B last month, 62 pct down on a yearly basis, says finance minister  

World Bulletin / News Desk

Turkey ran a budget deficit of 6.4 billion Turkish liras ($1.84 billion) last month -- a 62 percent fall year-on-year -- Finance Minister Naci Agbal said Monday.

Speaking at a news conference, Agbal said: "In the coming months we will control our expenditure, and positive improvements will be recorded on the budget revenues side."

Budget expenditure in September was 54.4 billion Turkish liras ($15.6 billion), up 2.6 percent compared to the same month last year.

Last month, central government revenues stood at 48 billion Turkish liras ($13.83 billion) with a 32.9-percent yearly hike. 

"Expenditures without interest payments were 46 billion liras ($13.25 billion) in September, a 1.6 percent decrease on a yearly basis," Agbal said.

In September, interest payments were recorded at 8.4 billion liras ($2.42 billion) and the government received 41.8 billion ($12.04 billion) in tax revenue, up 35.5 percent compared to the same month in 2016.

According to the finance minister, Turkey's nine-month budget balance saw a deficit of 31.6 billion Turkish liras (around $8.7 billion). 

Between January and September, government revenues reached 456.6 billion Turkish liras (some $126.8 billion), along with 385.3 billion liras (nearly $107 billion) in taxes collected.

Over the same period, budget expenditures were 488.2 billion liras (around $135.6 billion), including interest payments of 46.2 billion liras (approximately $12.8 billion). 

"The nine-month budget deficit stood at nearly half of our end-year target, 61.7 billion liras (some $17.13 billion), according to our medium-term economic program," Agbal said. "I believe that budget balance will give a lower deficit at the end of this year, compared with our target."

In 2016, Turkey ran a 29.3 billion Turkish lira (some $9.7 billion) budget deficit while the budget deficit/GDP ratio was 1.3 percent. 

According to the country's medium-term economic program, the budget deficit/GDP ratio target for 2018 is 1.9 percent, 1.8 percent in 2019 and 1.6 percent at the end of 2020.

 



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