Turkey's government budget registered a deficit of TL 109.5 billion (some $16 billion) in January-June, the country’s Treasury and Finance Ministry reported Thursday.

The country’s budget revenue reached TL 455.4 billion in the first half of the year, up 13% year-on-year.

Budget expenditures rose 17.3% on an annual basis to hit TL 564.9 billion from January to June.

The budget balance, excluding interest payments, posted a deficit of TL 38.2 billion in the first six months of 2020.

Official figures showed that revenue from taxes surged 9.2% to TL 336 billion, while interest payments were TL 71.2 billion over the same period.

In June, the budget balance also saw a deficit of TL 19.4 billion.

The country’s budget revenues totaled TL 66.3 billion last month, up 19.5% on a yearly basis.

Budget expenditures in June were TL 85.6 billion, a rise of 26.8% annually.

Excluding interest payments, the central government budget balance saw a gap of TL 13.1 billion last month.