Central gov’t budget posts surplus last month

ANKARA

The central government budget posted a surplus of 118.9 billion Turkish Liras ($5 billion) in May, the Treasury and Finance Ministry has said.

The budget surplus, however, was 17.4 percent lower compared with the same month of 2022.

Budget revenues grew 73 percent in May from a year earlier to 549 billion liras, with tax collection rising 75 percent.

Total expenditure leaped 148 percent compared with May 2022 to 431 billion liras. Non-interest expenditure stood at 328 billion, pointing to a 110 percent year-on-year increase, while interest expenditure soared more than 473 percent to 103 billion.

The central budget, consequently, produced a primary surplus of 222 billion liras, rising 37 percent compared with May last year.

From January to May, the central government’s budget deficit stood at 266 billion liras, whereas the budget posted a surplus of 125 billion in the same period of 2022.

Revenues rose by 49 percent to 1.6 trillion liras, while total expenditure rose 95.4 percent.

Non-interest expenditure amounted to 1.64 trillion liras with an annual increase of 96 percent, and interest expenditure rose by 95.2 percent to 238 billion liras.

The central budget produced a primary deficit of 25.7 billion liras in the first five months of 2023 against a primary surplus of 247 billion liras in the same period of last year.