The Turkish government registered TL 110.9 billion ($16.7 billion) budget deficit from January to August, the Treasury and Finance Ministry announced Tuesday.
The figure was up 63% compared to the same period last year, the ministry data showed.
Increasing 10% on an annual basis, the country's budget revenues hit TL 650.5 billion in the first eight months of the year.
The country’s budget expenditures totaled TL 761.4 billion in January-August, expanding 16% year-on-year.
Ministry data revealed that the budget balance excluding interest payments saw a deficit of TL 19.3 billion.
Tax revenues stood at TL 510.4 billion, while interest payments were TL 91.6 billion in the same period.
In August, the budget balance posted a deficit of TL 28.2 billion. Turkey's budget revenues reached TL 108.6 billion last month, a 15% rise from the same month last year.
Budget expenditures last month hit TL 80.3 billion, down 14% compared to August 2019.
Excluding interest payments, the central government budget balance saw a gap of TL 40 billion last month.
The average U.S. dollar/Turkish lira exchange rate this August was about 7.27, while $1 traded around TL 6.63 on average in the first eight months of this year.
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