Budget sees TL 54.5B deficit in first four months

Published 16.05.2019 00:08

Turkey's central government budget balance saw a deficit of nearly TL 54.5 billion in the first four months of 2019, official data revealed Wednesday.

The country's budget revenues soared 18.9 percent to hit TL 275.95 billion year-on-year in the January-April period, the Treasury and Finance Ministry said.

Turkey's budget expenditures were TL 330.4 billion in the four-month period, up 29.5 percent versus the same period of last year.

Excluding the interest payments, the budget balance posted a deficit of TL 16 billion in the period, while the interest expenditures were TL 38.45 billion.

Tax incomes of the government rose by 6.4 percent to TL 203 billion during the period, on a yearly basis. The U.S. dollar/Turkish lira exchange rate was 5.94 as of the end of April.

Last year, Turkey's central government budget balance showed a deficit of TL 72.6 billion, meeting a year-end target under the country's new economic program announced in September last year.

The government achieved the target of 1.9 percent budget deficit/GDP ratio in 2018 under the program. According to the same program, the budget deficit/GDP ratio target is 1.8 percent this year, 1.9 percent next year, and 1.7 percent in 2021.

The government's year-end budget balance target is negative TL 80.6 billion, with TL 880.4 billion in revenue and TL 960.97 billion expenses.

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