Türkiye registered a budget surplus of TL 169.5 billion (nearly $4 billion) in November, according to official data released on Monday, driven by an increase in tax revenues and a decline in interest payments.
The figure reversed the TL 16.6 billion gap in the same month a year ago and the TL 223.2 billion shortfall this October.
Budget revenues grew by more than 51% to TL 1.4 trillion last month, largely driven by a 55.3% rise in tax revenues to nearly TL 1.3 trillion, according to the Treasury and Finance Ministry data.
Key contributors to the tax growth were income tax, corporate tax, domestic value-added tax (VAT) and banking/insurance transaction taxes.
Expenditures totaled TL 1.25 trillion, rising 30.7% from a year ago. The rise was primarily fueled by a 39.8% jump in non-interest spending, which hit TL 1.13 trillion. On the other hand, interest payments declined by 19.4% to TL 117.9 billion.
The primary balance recorded a TL 287.4 billion surplus, compared to TL129.7 billion a year earlier.
Speaking last week, Treasury and Finance Minister Mehmet Şimşek said the 2025 budget deficit is likely to end the year near the government's forecast.
He stressed fiscal discipline was delivering faster-than-expected results, pointing to the government's efforts to reduce tax expenditures, eliminate ineffective exemptions and fight the unregistered economy.
From January through November, the budget balance posted a deficit of TL 1.27 trillion, mainly driven by high interest expenditures, the data showed.
Revenues reached TL 11.57 trillion, a 48.5% increase from a year ago, led by a 51.6% rise in tax revenues.
Expenditures totaled TL 12.84 trillion, a 41.6% year-over-year increase.
The primary balance posted a surplus of TL 666.7 billion, the data showed.
Non-interest spending rose 38.5%year-over-year to TL 10.9 trillion. Personnel expenditures jumped 36.4% to nearly 3.4 trillion.
Interest expenditures increased by 62.1% from a year ago to TL 1.94 trillion.
Addressing a Turkuvaz Media Group summit, Şimşek said the improvement in the budget is going better than anticipated. "We will most likely complete the year close to the target – around 3.1% of GDP," he said.
