Budget posts 64 bln Turkish Liras deficit in July

ANKARA 

The central government budget posed a deficit of 64 billion Turkish Liras ($3.6 billion) in July, the Treasury and Finance Ministry has said.

Revenues increased by 107 percent last month from a year ago to totaled 197 billion liras, but the rise in expenditures was at 85 percent on an annual basis, amounting to 261 billion.

Consequently, the central government budget produced a deficit of 64 billion liras in July.

Tax collection increased by 99.2 percent and revenues climbed to 169 billion liras, with the value-added tax (VAT) revenues rising 101 percent from a year ago to 20.1 billion liras. VAT on imports grew 146 percent to 48.4 billion liras.

Revenues from the special consumption tax collection increased by 95 percent to 36.3 billion liras.

Last month, revenues from income and corporate taxes rose by 74 percent to reach 32.7 billion liras and 107 percent to reach 2.5 billion liras, respectively.

Some 16.7 billion liras were spent on interest expenditures, a 29 percent decline from a year ago, while non-interest expenditures grew 108 percent to 244 billion liras.

As a result, the central government budget produced a primary deficit of 47.3 billion liras. In the same month of 2021, the primary deficit was 22.2 billion liras.

In the January-July period, the budget posted a surplus of 29.5 billion liras, against a deficit of 78.3 billion liras a year ago.

Revenues increased 101.4 percent to 1.46 trillion and expenditures rose 78.1 percent to 1.43 trillion liras. Interest expenditures were up 32 percent.

The central government budget produced a primary surplus of 181 billion liras in the first seven months of 2022, rising 400 percent on an annual basis.