Turkey’s budget balance posts $4.1B deficit in H1

ANKARA

The Turkish central government's budget balance posted a deficit of 32.5 billion Turkish liras ($4.1 million) in the first half of this year, the Treasury and Finance Ministry said on Friday.

The figure improved from a gap of 109.5 billion Turkish liras (some $16 billion) in the same period last year, near the height of the coronavirus pandemic.

Turkey's budget revenues rose 38.5% on an annual basis to 630.8 billion Turkish liras ($80 billion) in January-June.

The country's budget expenditures hit 663.4 billion Turkish liras ($84 billion) in the first six months of 2021, up 17.4% year-on-year.

The budget balance excluding interest payments saw a deficit of 58.3 billion Turkish liras ($7.4 billion) from January to June.

Tax revenues in the first half totaled 470 billion Turkish liras ($62.9 billion), while interest payments were 90.9 billion Turkish liras ($11.5 billion).

One US dollar traded for 8.62 in June and 7.9 Turkish liras on average in the first six months of this year.

Monthly figures

In June, the central government’s budget balance saw a deficit of 25 billion Turkish liras (some $2.9 billion), rising from 19.4 billion Turkish liras ($2.9 billion) a year ago.

Budget revenues last month were 88.3 billion Turkish liras ($10.3 billion), jumping 33% from the same month in 2020.

Budget expenditures climbed from 32% last June to 113.4 billion Turkish liras ($13.2 billion) this June.

Excluding interest payments, the central government budget balance last month registered a deficit of 15.6 billion Turkish liras ($204 million).