Turkiye budget swings to $7.9 bn deficit in July
AgenciesTurkiye’s central government budget swung to a deficit in July, but Treasury and Finance Minister Mehmet Şimşek said the government remains on track with its fiscal targets...
In July, Turkey's central government budget fell into a deficit of TL 378.1 billion, according to data from the Treasury and Finance Ministry. This marks a shift from the TL 114.2 billion surplus recorded in June. The overall expenditures amounted to TL 1.79 trillion, while revenues totaled TL 1.41 trillion during the same period.
The primary balance, which excludes interest payments, posted a deficit of TL 51.3 billion. Interest payments alone amounted to a staggering TL 326.8 billion. Despite the monthly deficit, Finance Minister Mehmet Şimşek stated that the government remains committed to fiscal discipline and is on track to meet its budgetary goals.
For the first seven months of the year, the budget registered a deficit of TL 1.32 trillion. Expenditures reached TL 10.52 trillion, compared to revenues of TL 9.20 trillion. During this period, the government recorded a TL 470.1 billion primary surplus, which is a significant indicator of the government's fiscal position, excluding interest payments. This primary surplus increased by TL 228 billion compared to the same period a year earlier.
Tax revenues continued to rise, increasing by 30 percent year-over-year in July to nearly TL 1.24 trillion. Other non-tax general budget revenues also rose by 18.9 percent to TL 145.6 billion.
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