Türkiye's budget deficit stands at USD30.2B in first 8 months
Date
9/17/2024 7:49:31 AM
(MENAFN) On Monday, Türkiye's Treasury and Finance Ministry revealed that the country's budget deficit for the first eight months of 2024 had reached 973.55 billion Turkish liras, or approximately USD30.2 billion. This figure underscores the substantial gap between the government’s income and expenditure during this period, indicating significant fiscal pressure.
For the January to August 2024 period, Türkiye's total budget revenues amounted to 5.25 trillion Turkish liras, equivalent to USD163.8 billion. In contrast, the government's expenditures during this timeframe totaled 6.22 trillion liras, or about USD194 billion. The difference between these revenues and expenditures significantly contributed to the budget deficit, illustrating a challenging fiscal environment for the country.
The financial strain is further highlighted by the non-interest budget balance, which posted a deficit of 209.5 billion liras, or USD6.5 billion. Additionally, interest payments on the country's debt reached 764 billion liras, or approximately USD23.83 billion. These interest payments constitute a substantial portion of the total budgetary expenditure, adding considerable pressure to the overall fiscal balance.
During the same January-August period, the average exchange rate of the US dollar to the Turkish lira (USD/TRY) was 32.05. This exchange rate provides important context for understanding the budgetary figures, as fluctuations in currency values can impact the cost of debt servicing and overall financial stability.
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