In the first half of 2024, Turkey’s central government budget recorded a deficit of 747.2 billion liras ($23.6 billion). June alone posted a deficit of 275.3 billion liras ($8.5 billion), according to Duvar English.
In January-June 2024, the Turkish government’s central budget balance ran a deficit of 747.2 billion liras ($23.6 billion), Treasury and Finance Ministry data showed.
Budget revenues reached 3.8 trillion liras ($121.2 billion) in the first half of the year, while spending amounted to 4.6 trillion liras ($144.8 billion).
Non-interest budget expenditures amounted to 4.4 trillion liras and primary deficit amounted to 172.8 billion liras.
The deficit was 483.23 billion liras in the same period of the previous year. In the first half of the year, the budget expenditures increased by 93.7 percent compared to 2023.
On the other hand, the budget revenues increased by 103.8 percent compared the same period last year.
January-June 2024 tax collections amounted to 3.213 trillion liras, marking a 100.5 percent increase compared to the same period of the previous year.
The graph on allocation of revenues is taken from the ministry’s report.
The budget posted a 275.3 billion liras ($8.5 billion) deficit in June alone. The figure switched from a 219.4 billion liras ($6.8 billion) surplus in the prior month.
Budget revenues totaled 591.2 billion liras ($18.2 billion), while expenditures were at 866.5 billion liras ($26.6 billion) in June.
A U.S. dollar traded for 32.5430 liras on average in June and for 31.6252 liras on average in the January-June period.
Full year 2024 deficit target is “slightly under 5% of GDP”, according to Treasury and Finance Minister Mehmet Simsek, or ca. $45 bn, which looks achievable. Today, the administration sent a tax package to the Grand Assembly for approval, which should raise $7 bn in 2024-2025. Also today, yielding to public pressure and a rebellion in rank and file, it raised the minimum monthly pension from TL10K to TL12.5K, which is estimated to cost the budget $2 bn per annum.
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