Turkey's central budget deficit at $6.7 bln

Goverment budget deficit stands at 61 percent of year-end estimations in the first 10 months of 2014.

Turkey's central budget deficit at $6.7 bln

World Bulletin/News Desk

Turkey's central government budget has run a 14.9-billion Turkish lira ($6.7 billion) deficit between Jan. and Oct. of 2014, Turkey's Finance Ministry reported.

The number constitutes 61 percent of the estimated 33.3-billion Turkish lira ($14.9 billion)  budget deficit for 2014,  Turkish Finance Minister Mehmet Simsek said in a statement on Monday

"The number shows that the country will comfortably reach its target for the deficit," Simsek said.

According to the ministry, Turkey ran a budget deficit of 3 billion liras ($1.34 billion) in Oct. Turkey’s budget deficit for the same period in 2013 stood at 7.6 billion Turkish lira ($3.4 billion).

"Despite the financial volatility, geopolitical tensions and a weak trend in the global economy, the country’s performance in the budget deficit target was undeniably a success on a global scale," Simsek added. 

According to the finance ministry, Turkey's government budget revenues have reached 347.7 billion Turkish lira ($156 billion) in the first 10 months of 2014, with an 8.6 percent increase compared to the same period of 2013.

Budget expenditures for the same period rose to 362.6 billion Turkish lira ($162.5 billion) with a 10.6 percent increase year-on-year.

Turkey's Finance Ministry has estimated budget expenses for the 2014 fiscal year will reach 436.4 billion Turkish lira ($195.4 billion), while budget income for 2014 is estimated to reach 403.2 billion ($180.6), resulting in a budget deficit of 33.3 billion liras ($14.9 billion).

 

Last Mod: 17 Kasım 2014, 13:23
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