19.Jul .2022 16:30

Turkish government budget runs nearly $1.8B deficit in June

Turkish government budget runs nearly $1.8B deficit in June
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Turkey’s central government budget swung to a deficit in June, official data showed Monday, driven by an increase in spending on current transfers and personnel wages.

The budget showed a deficit of TL 31 billion ($1.77 billion) last month, data from the Treasury and Finance Ministry showed, with a primary deficit of TL 18.3 billion.

The figure compares to a record surplus of TL 144 billion ($ 8.2 bln) registered in May, propelled by a surge in tax income.

The data showed that budget revenues rose nearly 105% year-over-year to hit TL 181.2 billion ($ 10.3 bln) in June. Tax revenue jumped 108.4% from a year ago to TL 152.6 billion ($8.7 bln).

Expenditures were up over 87% to TL 212.8 billion ($ 12.1 bln). Spending on wages jumped 58.6% to TL 42.5 billion ($2.4 bln) in the month. Current transfers, which include financial aid made to households, more than doubled to TL 107 billion ($ 6 bln).

Non-interest spending amounted to 199.3 billion ($11.3 bln), marking a 91.7% year-over-year increase.

On the other hand, interest payments were almost TL 12.7 billion ($722 mln), up 35.6% during the same month.

In the first half of the year, the budget showed a surplus of TL 93.6 billion and a primary surplus of TL 228.2 billion ($13 bln), the data showed, Daily Sabah reports.