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

By Tuba Sahin

ANKARA (AA) – 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).