Budget deficit significantly narrows in first 4 months

In the first four months of the year, Turkey saw its budget revenues grow by 17 percent over a year ago to reach $68.27 billion while expenditures from state coffers surged by 12 percent to $68.43 billion.

Budget deficit significantly narrows in first 4 months

The Turkish central government budget deficit between January and April of this year was TL 302 million ($165.5 million), representing a remarkable recovery in the balance of payments compared to the figure for the same period last year, data from the Finance Ministry has revealed.

In the first four months of 2012, Turkish state coffers suffered with a $2.74 billion deficit. Releasing the data in Ankara on Wednesday, Finance Minister Mehmet Şimşek said he has faith that the government will realize its year-end budget goals given the current positive developments. The government's Medium-term Economic Program (OVP) anticipates an $18.5 billion budget deficit this year. This figure is slightly above a budget deficit of $18.35 billion in 2012.

The country has witnessed desirable budget performance so far this year, with the 86 percent drop in the first quarter budget deficit year-on-year stemming from a windfall in privatization revenue.

In the first four months of the year, Turkey saw its budget revenues grow by 17 percent over a year ago to reach $68.27 billion while expenditures from state coffers surged by 12 percent to $68.43 billion. Meanwhile, the month of April saw a 20.9 percent rise in tax revenues, which hit $13.2 billion. Another prominent detail, according to the Finance Ministry's data, is that Turkey's interest payments from its budget declined by 17 percent in the first four months over those of a year ago to $9.98 billion.

Cihan

Last Mod: 16 Mayıs 2013, 10:42
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