Budget deficit reaches $ 5 billion in 2017
The government ran a budget deficit of 17.9 billion lira in January-April and 3 billion lira in April, mainly due to a rise in state incentives to back the economy. “The budget deficit was higher than last year through the first four months due to the government’s incentives in support of economic growth,” Finance Minister Naci Agbal said in a statement on May 15. Agbal said tax revenue increased by 14.3 percent in April compared to last year. “This increase indicates a recovery in production, consumption and economic activity,” he added. With a further rebound in the economy and a gradual termination of the temporary economic measures, the budget gap will moderate, he said.