Cash budget produces surplus in August

ANKARA

The Treasury posted a cash budget surplus of 28.7 billion Turkish Liras in August after producing a deficit of 93 billion liras in the previous month, data from the Treasury and Finance Ministry have shown.

In August 2021, the cash budget posted a surplus of 64.3 billion liras.

Cash revenues amounted to 337 billion liras last month, rising from 175 billion liras a year ago, while expenditures climbed from 111 billion liras in August last year to 309.5 billion liras.

Interest expenditures amounted to 20.7 billion liras, up from 12.6 billion liras in the same month of 2021, and non-interest expenditures were 289 billion liras, increasing from 98 billion liras in August last year.

The cash budget consequently produced a primary surplus of 47.9 billion last month, whereas it posted a primary deficit of 77.8 billion in July.

In the first eight months of 2022, cash revenues were 1.82 trillion liras and expenditures stood at 1.83 trillion liras.

Interest and non-interest expenditures amounted to 158 billion liras and 1.7 trillion liras, respectively.

The cash budget posted a primary surplus of 145 billion liras in January-August.

The government’s new Medium-Term Program foresees that the central government budget deficit will widen from a projected 461 billion liras, or 3.4 percent of GDP, to 659.4 billion liras -3.5 percent of GDP- in 2023.

The budget deficit is expected to decline to 583 billion liras in 2024 and down to 409 billion liras in 2025, according to the program.