Budget deficit reaches TL 78.6 billion in first half

Turkey's central government budget balance posted a deficit of TL 78.6 billion in the first half of the current year, the Treasury and Finance Ministry announced Tuesday.

The country's budget revenues totaled TL 403 billion in the first six months of this year, up 14 percent year-on-year, data showed.

Budget expenditures rose 20.5 percent to nearly TL 481.6 billion – marking a TL 78.6 billion deficit. The budget balance, excluding interest payments, saw a deficit of TL 27.8 billion from January to June.

Official figures showed that tax revenues rose 4.4 percent to TL 307.7 billion, while interest payments were TL 50.7 billion over the same period. In June, the budget balance also saw a deficit of TL 12 billion.

Last month, Turkey's budget revenues totaled TL 55.5 billion, up 7.6 percent on a yearly basis, according to official data.

Budget expenditures in June were TL 67.5 billion, a decrease of around 12.5 percent annually.

Excluding interest payments, the central government budget balance saw a deficit of TL 7.7 billion last month. The average U.S. dollar/Turkish lira exchange rate in June was 5.8, while $1 was trading at TL 5.6 on average in the first half of this year.