Turkey fulfills Maastricht criteria in 2018

Turkey fulfills Maastricht criteria in 2018

General government deficit-to-gross domestic product ratio of Turkey stood at 2.8% last year

By Tuba Sahin

ANKARA (AA) - Turkey achieved Maastricht criteria with its government accounts in 2018, according to the country's statistical authority on Wednesday.

The country's general government deficit and consolidated debt stock stood at 2.8% and 30.4%, respectively, of its gross domestic product (GDP) last year, TurkStat said.

Maastricht criteria is calculated by candidate and member states of the EU and requires a maximum of 3% budgetary deficit and 60% debt stock to GDP ratio.

The government posted 105.2 billion Turkish liras (some $22 billion) of deficit, the difference between total income and expenditures, in 2018.

"Social security funds sector gave surplus in 2018 whereas other sectors gave deficit," TurkStat said.

Total expenditures of general government was 1.3 trillion Lira ($268 billion) last year, 35% of its GDP.

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