2015 budget approved by the Turkish Parliament

Turkish Parliament approved Monday the government's central administration budget for 2015 with 297 votes in favor and 145 against.

The ministry estimated the budget expenses for 2015 fiscal year at TL 520.4 billion ($225 billion), while budget income for 2014 is estimated at TL 499.5 billion; resulting in a budget deficit of TL 20.9 billion.

The budget was debated in the parliament's planning and budget commission, and the general assembly during last few weeks before it got approved Monday.

The biggest share of the budget was allocated to the ministries of education and health, with each getting $38 billion. There was an increase of $2.4 billion for education and $4.5 billion for health ministries compared with 2014 figures.

According to the Finance Ministry, the growth rate of Turkey's gross domestic products should be 4 percent in 2015, while the expected Consumer Price Index should be 6.3 percent by 2015 end.

Turkish exports would also reach TL 391 billion and imports TL 583 billion in 2015, according to budget figures.

The government spends nearly 25 percent of its budget on employees, which was nearly 3.5 million people in October 2014. Turkish government spent approximately $38 billion on its employees in fiscal year 2013 alone.

The budget deficit narrowed to TL 11.3 billion in the first 11 months of 2014, according to the Finance Ministry. This was a significant reduction from the TL 18.4 billion budget deficit in 2013.

According to the ministry, Turkey's government revenues reached TL 387 billion in the first 11 months of 2014 with an 8.4 percent increase compared with the same period in 2013. Budget expenditures for the same period rose to TL 398.2 billion with an 11.2 percent increase year-on-year.

Meanwhile, the budget expenses for 2014 fiscal year was calculated at TL 436.4 billion, while budget income for 2014 was estimated to reach TL 403.2 billion.