World Bulletin / News Desk
The budget deficit in June stood at 13.7 billion Turkish liras (approximately $3.9 billion), compared to a surplus of 6.4 billion Turkish liras (around $1.8 billion) in May.
"The budget deficit for the first six months of this year stands at 53.9 percent of the government's end-year targets," Agbal said.
The government is aiming for a budget deficit of 46.9 billion Turkish liras (nearly $12.9 billion) at the end of the year, according to the Finance Ministry.
Turkey’s government ran a 29.3 billion Turkish lira (some $9.7 billion) budget deficit last year.
Agbal said that government revenues in the first six months reached 299.2 billion liras (approximately $82.2 billion), while budget expenditures were 324.4 billion liras (around $89.1 billion), marking an almost $7 billion deficit.
"Fiscal measures to stimulate the economy, like expenditure programs and tax incentives, cost 11.9 billion Turkish liras [some $3.3 billion] in the 2017 budget," he said.
Between January and June, government tax revenues came in at 246.1 billion liras (around $67.6 billion), while interest expenditures reached 27 billion liras (nearly $7.4 billion) over the same period.
Agbal stated that there would be no tax increases or adjustments for the purpose of extra revenue until the end of this year.
"The Turkish economy showed a strong recovery in all respects," he said.
"Last year's coup attempt, terrorist incidents, geopolitical developments, weak foreign demand, and the referendum process... All of them tested the strength of our economy," referring in the last instance to a public vote this April on a series of sweeping reforms to Turkey’s Constitution.
According to the Turkish Statistical Institute, Turkey's economy grew 5 percent in the first quarter this year, compared to the period of January-March 2016.
Over the past three years, the Turkish economy expanded 5.2 percent in 2014, 6.1 percent in 2015, and 2.9 percent in 2016.
The Turkish economy's growth target for the end of 2017 is 4.4 percent, according to the government's medium-term program.
Countries sign deals on energy, industry and trade
Turkish citizens arrived in Aegean resort of Bodrum after being stranded on Kos
Muslim Turks in Greece's Western Thrace region welcome promotion of new Deputy Prime Minister Hakan Cavusoglu
Premier Yildirim warns against making 'worrying statements' targeting businessmen keen on investing in Turkey
President will seek to resolve crisis among Gulf countries during visit to Saudi Arabia, Kuwait and Qatar
Warrants also issued in capital Ankara for over 150 suspects, including 20 Forestry and Water Affairs Ministry staff
BIST 100 index drops 0.25 percent while US dollar/Turkish lira rate stands at around 3.52
Nationwide demonstrations in Turkey planned for after Friday prayers
Turkish General Staff shared details of counter-terrorism operations from July 13 to 20
Handover ceremony held at many ministries following Cabinet reshuffle on Wednesday
More than 194 million vehicles used Turkey's bridges, highways in first half of 2017
March aims to commemorate young teacher killed by PKK terrorists, CHP lawmaker says
Presidential spokesman Ibrahim Kalin reiterates Turkey's expectation from Europe, US to extradite FETO members
Ferit Polat was among 7 terrorists killed in counter-terrorism operation in Kars province
Turkish premier attends ceremonies marking 43rd anniversary of Turkey’s intervention in Cyprus as guarantor power
Turkish Foreign Ministry says 'double standards' on show in German commentary over recent Istanbul arrests