Türkiye’s central government budget records deficit of USD5.45 billion last month
Date
11/17/2024 4:22:21 AM
(MENAFN) Türkiye’s central government budget recorded a deficit of 186.3 billion liras (USD5.45 billion) in October, according to the official data released on Thursday by the Treasury and Finance Ministry. This marked a significant increase from the previous month, when the budget deficit stood at 100.5 billion liras (USD2.95 billion). The ministry's report also revealed that the total revenues for October amounted to 769.2 billion liras (USD22.50 billion), while the government's expenditures for the month reached 955.5 billion liras (USD27.95 billion), contributing to the widened deficit.
In terms of government spending, non-interest expenditures for the month were recorded at 819.3 billion liras (USD23.9 billion), while the interest payments amounted to 136.2 billion liras (USD4 billion). Tax revenues for October totaled 643.6 billion liras (USD18.8 billion), which is a crucial component of the overall budgetary income. These figures indicate a significant fiscal strain, as the government’s expenditures continue to exceed its revenues, contributing to the growing budget deficit.
When looking at the broader January-October period, the budget balance showed a deficit of 1.3 billion liras (USD38.8 billion). Over these ten months, the government’s total revenue reached 6.9 trillion liras (USD211.1 billion), while total expenditures amounted to 8.1 trillion liras (USD250 billion), highlighting the ongoing challenge of balancing fiscal policies. The cumulative deficit for the year reflects a persistent gap between income and spending, which continues to put pressure on the government’s fiscal health.
Furthermore, the exchange rate has played a role in the financial landscape, with the US dollar trading at an average of 34.20 liras in October. Over the January-October period, the average exchange rate stood at 32.46 liras per US dollar. The fluctuations in the value of the Turkish lira against the US dollar have had an impact on government expenditures and the overall fiscal balance, especially given the significant amount of spending required to cover public sector costs.
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