Finance Minister Naci Ağbal said yesterday from Ankara that the government ran a budget deficit of TL 129 million ($44 million) in July, but saw a surplus of 1.3 billion TL between January and July.
In a statement, Ağbal said: "Fiscal discipline, which constitutes one of the most powerful aspects of the Turkish economy, will be maintained in the coming period." Ağbal vowed to continue making structural reforms, which he said would strengthen the Turkish economy.
Government revenues in July stood at TL 42.5 billion, a 6.1 percent increase year-on-year, while budget expenditures were TL 42.4 billion, down 6.8 percent from a year earlier. According to the ministry, the government's budget revenues reached TL 317.5 billion in the first seven months, a 14.4 percent increase over the same period last year.
Tax revenues rose 9.5 percent in the first seven months to TL 252.7 billion. Budget expenditures in from January to July rose to TL 316.3 billion, marking a 12.1 percent increase year-on-year. Interest expenses stood at TL 30.6 billion for that period, a fall of 12 percent. The government aimed for a year-end budget deficit of TL 29.7 billion, according to the Finance Ministry.