Biggest budget deficit in 8 years
The government ran a budget deficit of 6.8 billion lira ($1.8 billion) in February, the biggest shortfall for the month in eight years. The budget, which had a primary surplus of 6.5 billion lira in February 2016, recorded a deficit of 1.8 billion liras in the same month this year. Total budget revenue increased by 4.9 percent year-on-year as tax revenues rose marginally in February. Total expenditures expanded by 27 percent year-on-year due to a rapid increase in current transfers. These developments caused the budget outlook to deteriorate. During the first two months of the year, there was a budget surplus of 4.6 billion lira, albeit a smaller one than a year ago.