Budget posts surplus in November

ANKARA

The central government budget posted a surplus of 108.3 billion Turkish Liras ($5.9 billion) in November, data from the Treasury and Finance Ministry showed on Dec. 15.

Revenues amounted to 345 billion liras last month, pointing to a robust 107 percent increase from November 2021.

Tax revenues rose nearly 110 percent year-on-year to 312 billion liras.

Expenditures exhibited an annual growth of 76.4 percent to stand at 239 billion liras, with non-interest expenditures rising around 79 percent to 215 billion liras.

Interest expenditures amounted to 24.4 billion liras in November, increasing by 59.3 percent year-on- year.

Consequently, the central government budget produced a primary surplus of 133 billion liras last month which compares favorably with the primary deficit of 65.5 billion liras the central government budget posted in the same month of 2021.

The central government budget deficit narrowed from 46.5 billion liras in the January-October period of 2021 to 20.5 billion liras in the first eleven months of 2022.

Revenues were up 100 percent on an annual basis to 2.55 trillion liras, with tax collection increasing 103 percent year-on-year to 2.14 trillion liras.

Overall expenditures amounted to 2.6 trillion liras in January-October, up 95 percent from a year ago.

Non-interest expenditures rose 98 percent, while interest expenditures climbed 70 percent to 293 billion liras.

The primary surplus grew 117 percent from January-October 2021 to stand at 272 billion liras.

In its latest Medium-Term Program, the government forecasts that the budget deficit will be 659 billion liras, or 3.5 percent of the estimated GDP, next year. According to the government’s projections, the deficit will shrink to 583 billion liras in 2024 and further down to 409 billion liras in 2025.