Türkiye's budget balance posts surplus of $8.6B in January-May period

By Gokhan Ergocun

ISTANBUL (AA) - The Turkish central government’s budget balance posted a surplus of 124.6 billion Turkish Liras ($8.63 billion) during the January-May period, the Treasury and Finance Ministry announced on Wednesday.

Türkiye's budget revenues almost doubled to 1.08 trillion Turkish liras ($75.14 billion) year-on-year in the five-month period.

The country’s budget expenditures reached nearly 959.77 billion liras ($66.5 billion) in the same period, rising 74.5% from a year ago.

The budget balance, excluding interest payments, saw a surplus of 246.5 billion liras ($17.08 billion).

Tax revenues totaled 881.15 billion liras ($61.06 billion), while interest payments were 121.88 billion liras ($8.44 billion).

The average USD/TRY exchange rate was 14.43 during the first five months of 2022, while it was 15.65 in May.

- Monthly figures

In May alone, the budget balance of the central government registered a surplus of 143.97 billion Turkish liras ($9.2 billion).

Budget revenues were 317.75 billion liras ($20.3 billion) last month, rising 204% year-on-year.

The country’s budget expenditures rose by 47.33% from a year ago to 173.77 billion liras ($11.1 billion) last month.

Excluding interest payments, the central government budget balance recorded another surplus of 161.88 billion liras ($10.34 billion) in May.

The budget posted deficits both in May and in the first five-month period last year.

According to the ministry's figures, the budget balance is expected to post a deficit of 278.3 billion liras ($16.1 billion) at the end of this year.