Gov't produced TL 1.64B budget surplus in May

DAILY SABAH
ISTANBUL
Published 15.06.2015 20:30

The Finance Ministry announced yesterday that the government ran a budget surplus of TL 1.64 billion ($598.92 million) and a non-interest surplus of TL 5.49 billion in May. The budget surplus was TL 1.48 billion while the non-interest surplus was TL 8.6 billion in the same month of the previous year. The ministry also said the government ran a budget deficit of TL 2.4 billion and a non-interest surplus of TL 25.6 billion between January and May. In the same period of the previous year the budget deficit was TL 2.8 billion and the non-interest surplus was TL 22.1 billion. Finance Minister Mehmet Şimşek said that despite the low levels of economic growth compared to the target in the first five months of the year, the economy would easily meet the budgetary target of 2015. He also said budget performances both in May and in the first five months of the year were very strong compared to previous years. The budget deficit between January and May totaled only 11.5 percent of the government's year-end target, Şimşek said. He added: "This strong performance was gained despite the economic problems in the EU - our largest trade partner - geopolitical tensions in the region, fluctuations in financial markets and the relative slowdown of domestic demand." Şimşek also said they were continuing to apply financial discipline to multiple sectors of the economy.

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