Turkey runs nearly $4B budget deficit in first quarter

ANKARA (AA) - The Turkish government ran a budget deficit of 19.5 billion Turkish liras ($5.32 billion) in March, and 14.9 billion liras ($3.7 billion) in the first quarter, according to the finance minister on Monday.

"Turkish government revenues in the first three months stood at 144.7 billion Turkish liras ($39.5 billion), marking a 9.9 percent rise year-on-year, while budget expenditures were 159.7 billion Turkish liras ($43.6 billion), an increase of 21.3 percent compared with the same period last year," Naci Agbal said.

According to the ministry, tax revenues rose 12 percent during the first three months to 121.6 billion liras ($33.2 billion).

The government's expenditures for health, pensions, and welfare were up by almost 43 percent between January and March to 38.2 billion liras ($10.4 billion) over the same period last year, while personnel expenditures increased by 8.4 percent, reaching almost 42 billion liras ($11.5 billion).

Interest expenditures stood at 18.8 billion liras ($5.12 billion) over the same period, corresponding to an increase of 14.3 percent.

In March, budget revenues reached 39.1 billion Turkish liras ($10.7 billion), a 3 percent fall over the same period last year, while budget expenditures increased by 25 percent reaching 58.6 billion liras ($16.01 billion).

The government is aiming for a budget deficit of 46.8 billion Turkish liras (nearly $12.8 billion) at the end of the year, according to the Finance Ministry.