Turkey runs nearly $7B budget deficit in January-June


Turkey ran a budget deficit of TL 25.2 billion ($6.9 billion) in the first half of this year, Finance Minister Naci Ağbal said Monday. The budget deficit this June stood at TL 13.7 billion, compared to a surplus of TL 6.4 billion in May. "The budget deficit for the first six months of this year stands at 53.9 percent of the government's end-year targets," Ağbal said. According to the Finance Ministry sources, the government is aiming for a TL 46.9 billion budget deficit at the end of the year. Ağbal said that government revenues in the first six months reached TL 299.2, while expenditures were at TL 324.4 billion, marking an almost TL 25.2 billion deficit. "Fiscal measures to stimulate the economy, like expenditure programs and tax incentives, cost TL 11.9 billion in the 2017 budget," he added. Ağbal assured that there would be no tax hikes or adjustments for the purpose of extra revenue until the end of this year.

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