Conexio consulting

Turkey runs $1.64-bln budget surplus

Turkey’s government ran a budget surplus of 3.6 billion Turkish Liras ($1.2 billion) in August and 4.9 billion liras ($1.64 billion) in January-August, said Finance Minister Naci Ağbal on Sept. 19.

“Public finance is the main anchor that the foundation of the solid Turkish economy rests on,” he said in a statement.

The government revenues in August stood at 50.9 billion liras ($17.1 billion), an 18.9 percent rise year-on-year, while budget expenditures were 47.3 billion liras ($15.8 billion), up 25.9 percent from a year earlier.

“These results are a clear indication that we are maintaining fiscal discipline,” Ağbal added
According to the ministry, budget revenues reached 368.4 billion liras ($123.7 billion) in the first eight months of the year, a 15 percent rise over the same period last year.

Tax revenues also rose nearly 11 percent within the period to 298.1 billion liras ($100.1 billion). Budget expenditures in January-August rose to 316.3 billion Turkish liras ($107 billion), marking a 12.1 percent increase year-on-year.

The government’s expenditures for health, pensions and welfare rose nearly 20.9 percent in the first eight months of the year to 14.6 billion liras ($4.94 billion) compared with the same period last year.

Personnel expenditures rose 21.1 percent, reaching 89.3 billion liras ($30.2 billion) in January-August.

Interest expenditures stood at 35.43 billion liras ($11.9 billion) in that period with a fall of 7.7 percent.

The government is aiming for a budget deficit of 29.7 billion liras (nearly $10 billion) at the end of the year, according to the Finance Ministry.