The Turkish government's budget balance saw a deficit of TL 20.4 billion ($5.34 billion) in the first quarter of 2018, the Ministry of Finance announced yesterday.

According to an official statement, Turkey's budget revenues amounted to TL 167.4 billion from January to March, increasing by 15.7 percent compared to the same period of last year.

Over the same period, the budget expenses stood at TL 187.9 billion, marking a 17.7 percent annual rise.

Excluding interest payments, the central government budget balance saw a surplus of nearly $500 million in the first quarter of this year.