The Turkish government’s budget balance posted a deficit of TL 32.5 billion ($4.1 billion) from January through June, official data showed Friday.

The figure improved from a gap of TL 109.5 billion in the same period last year, near the height of the coronavirus pandemic, according to the Treasury and Finance Ministry data.

Budget revenues rose 38.5% on an annual basis to TL 630.8 billion in the first half, while expenditures hit TL 663.4 billion, up 17.4% year-on-year.

The budget balance excluding interest payments saw a deficit of TL 58.3 billion from January to June. Tax revenues in the first half totaled TL 470 billion, while interest payments amounted to TL 90.9 billion.

One U.S. dollar traded for TL 8.62 in June and TL 7.9 on average in the first six months of this year.

As of June, the budget balance saw a deficit of TL 25 billion, rising from TL 19.4 billion a year ago. Revenues last month totaled TL 88.3 billion, jumping 33% from the same month in 2020. Expenditures climbed 32% from last June to TL 113.4 billion.

Excluding interest payments, the budget balance last month registered a deficit of TL 15.6 billion.