Budget posts 79 billion Turkish Liras deficit

ANKARA

The central government budget posted a deficit of 79 billion Turkish Liras ($4.2 billion) in September, the Treasury and Finance Ministry has said.

Revenues grew by 75.5 percent on an annual basis to 207 billion liras with tax revenues rising more than 81 percent to 173.5 billion last month. Expenditures amounted to 286 billion liras, up by 102 percent from September 2021.

Non-interest expenditures rose by 98.2 percent to 252 billion, while the increase in interest payments was 135 percent year-on-year to 33 billion liras.

Consequently, the central government budget produced a primary deficit of 45.5 billion.

In the first nine months of 2022, the budget deficit widened by 25.5 percent year-on-year to 45.5 billion liras. Revenues and expenditures increased by 99.4 percent and 92.2 percent, respectively.

Interest expenditures grew 45.6 percent in January-September to 207 billion liras.

The central government budget posted a 45.5 billion liras of deficit, down from 61.1 billion liras in the same period of 2021.

The primary surplus rose by 99.1 percent from a year ago to 161.6 billion liras.

Meanwhile, Vice President Fuat Oktay on Oct. 18 held a press conference on the government’s budget proposal for 2023.

The government projects that revenues and expenditures will be 3.8 trillion liras and 4.47 billion liras, respectively, and the budget deficit is seen at 659 billion liras, which corresponds to 3.5 percent of the estimated GDP next year.

“The budget proposal provides the basis for our development targets, our efforts to improve the country’s prosperity and stability,” Oktay said.