Turkey's budget posts $13B deficit in Jan-Oct

Tax revenues of central government rises 18 percent to reach $105B in first 10 months of 2018

Turkey's budget posts $13B deficit in Jan-Oct

Turkey's central government budget balance recorded a deficit of 62.1 billion Turkish liras ($13 billion) in the first 10 months of 2018, the Treasury and Finance Ministry revealed on Thursday.

The country's budget revenues totaled 609 billion Turkish liras ($126.9 billion) from January to October, up nearly 20 percent from the same period last year, the ministry said in a statement.

During the same period, budget expenditures rose 23.3 percent to 671.1 billion Turkish liras ($140 billion) -- marking a 62.1 billion Turkish liras ($13 billion) deficit.

The budget balance, excluding interest payments, saw a surplus of 2.5 billion Turkish liras ($521 million) from January to October. 

Official figures showed that tax revenues rose nearly 18 percent to reach nearly 507.9 billion Turkish liras (around $105.8 billion), while interest payments were 64.6 billion Turkish liras ($13.5 billion) in the same period.

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