Turkey’s budget balance sees deficit of USD16.6B in January-March
Date
4/15/2024 7:35:02 AM
(MENAFN) Official figures released on Monday revealed that Turkey’s budget balance experienced a significant deficit of 513.5 billion liras (USD16.6 billion) in the first quarter of this year, marking a doubling from the same period in the previous year. During the January-March period, the country's revenues surged to 1.64 trillion liras (USD53 billion), representing an increase of approximately 130 percent compared to the previous year, as disclosed by the Treasury and Finance Ministry. Conversely, Turkey’s expenditures rose to 2.15 trillion liras (USD69.6 billion), reflecting a 106 percent increase over the same period.
The breakdown of expenditures revealed that the country's interest payments amounted to 250.4 billion liras (USD8.1 billion), while the non-interest budget balance registered a deficit of 263 billion liras. In March alone, Turkey’s revenues and expenditures totaled 483.8 billion liras (USD15.1 billion) and 692.8 billion liras (USD21.65 billion), respectively. The budget balance in March posted a deficit of 208.96 billion liras (USD6.55 billion).
The average exchange rate of the US dollar against the Turkish lira stood at 30.92 during the January-March period, while in March alone, it averaged at 31.99. These figures underscore the economic dynamics and financial challenges faced by Turkey during the specified period, reflecting fluctuations in revenue generation and expenditure management amidst changing exchange rates and fiscal policies.
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