The Turkish government registered a budget deficit for a fourth straight month in July, official data showed Monday, with the monthly gap seeing its highest level to date.
The government registered a fiscal deficit of TL 45.8 billion ($5.4 billion) last month, according to the Treasury and Finance Ministry, compared with a gap of TL 29.7 billion a year ago.
Revenues last month surged 10.1% year-on-year to TL 93.5 billion, the data showed. Expenditures increased 21.4% from a year ago to TL 141.1 billion, driven by a 180% increase in interest payments.
Income from the special consumption tax (ÖTV), a main source of revenue, was down 15.4% to TL 18.6 billion.
Excluding interest payments, the budget balance registered a 22.2 billion liras deficit in July, according to the data.
From January through July, the budget registered a total shortfall of TL 78.3 billion, the ministry said.
The figure improved from a TL 139 billion deficit in the same period a year ago.
Income surged 34% year-on-year to TL 726.1 billion in the first seven months, the data showed.
Spending totaled TL 804.4 billion from January to July, up 18.1% from a year ago.
The budget balance, excluding interest payments, posted a surplus of TL 36.2 billion.
Tax revenues totaled TL 581.7 billion, while interest payments came in at TL 114.5 billion liras ($14.3 billion) in the seven-month period.
One U.S. dollar traded for nearly TL 8 on average this January-July and TL 8.60 in July.
The Treasury registered a cash budget deficit of TL 67.9 billion in July, a record monthly high, and a primary gap of TL 46.2 billion.
