Turkey’s central government budget balance report deficit of USD8.5B last month
Date
7/16/2024 5:07:52 AM
(MENAFN) Turkey’s central government budget balance reported a significant deficit of 275.3 billion liras, equivalent to approximately USD8.5 billion, for the month of June, as revealed by official data released on Tuesday. This figure marks a notable shift from the previous month, when the government recorded a surplus of 219.4 billion liras, or about USD6.8 billion. The data, provided by the Treasury and Finance Ministry, highlights the changing fiscal landscape as the country navigates economic challenges.
In terms of financial performance, budget revenues for June totaled 591.2 billion liras, roughly USD18.2 billion, while expenditures reached 866.5 billion liras, or approximately USD26.6 billion. Non-interest expenditures constituted a large portion of this total, amounting to 767.2 billion liras (USD23.6 billion), whereas interest payments for the month were recorded at 99.3 billion liras, translating to about USD3.1 billion. When excluding interest payments, the budget balance reflected a deficit of 176 billion liras, which is about USD5.4 billion. Tax revenues during this period were reported at 483.1 billion liras, approximately USD14.8 billion.
Looking at the broader picture, the budget balance for the first half of the year resulted in a cumulative deficit of 747.2 billion liras, or around USD23.6 billion. Total budget revenues for the January to June period reached 3.8 trillion liras, which is equivalent to USD121.2 billion, while total spending amounted to 4.6 trillion liras, approximately USD144.8 billion. The average exchange rate for the U.S. dollar during June was 32.5430 liras, with an average of 31.6252 liras for the January to June period. This financial data underscores the significant fiscal pressures facing Turkey as it addresses economic fluctuations and ongoing challenges.
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