Turkey's central government budget balance posted a deficit of some TL 66.5 billion in the January-May period this year, Treasury and Finance Ministry announced Monday.

In the five-month period, Turkey's budget revenues totaled TL 347.5 billion, up 15 percent year-on-year.

Over the same period, budget expenditures rose around 28 percent to reach TL 414 billion

– marking a TL 66.5 billion ($11.9 billion) deficit.

Official figures revealed that the budget balance, excluding interest payments, recorded a narrower deficit of TL 20.1 billion.

The central government's tax revenues totaled nearly TL 263 billion as interest payments amounted to some TL 46.4 billion in the same period.

Last year, Turkey's central government budget balance posted a deficit of TL 72.6 billion, marking a 1.9 percent budget-deficit-to-GDP ratio.

The government aims to achieve a budget deficit/GDP ratio target of 1.8 percent this year, 1.9 percent next year, and 1.7 percent in 2021.

In 2018, the central government budget posted TL 72.6 billion in deficit and the budget deficit was recorded at TL 47.4 billion.