Turkey’s central government budget balance posted a deficit of some 66.5 billion Turkish liras ($11.9 billion) in the January-May period this year, the Ministry of Treasury and Finance announced Monday.
In the five-month period, Turkey’s budget revenues totaled 347.5 billion Turkish liras ($62.3 billion), up 15% year-on-year.
Over the same period, budget expenditures rose around 28% to reach 414 billion Turkish liras ($74.2 billion) — marking a 66.5 billion lira ($11.9 billion) deficit.
Official figures revealed that the budget balance, excluding interest payments, recorded a narrower deficit of 20.1 billion Turkish liras ($3.74 billion).
The central government’s tax revenues totaled nearly 263 billion liras ($48.8 billion) as interest payments amounted to some 46.4 billion liras ($8.6 billion) in the same period.
Last year, Turkey’s central government budget balance posted a deficit of 72.6 billion Turkish liras ($14.8 billion), marking a 1.9% budget-deficit-to-GDP ratio.
The government aims to achieve a budget deficit/GDP ratio target of 1.8% this year, 1.9% next year, and 1.7% in 2021.