Turkey’s budget posts $6.5B deficit in Q1
Turkey’s central government budget balance posted a deficit of TRY 36.2 billion ($6.5 billion) in the first quarter of 2019, the Treasury and Finance Ministry announced on April 14. Turkey’s budget revenues soared by 30.4 percent year-on-year to hit TRY 218.28 billion ($39.32 billion) in the January-March period of 2019, according to the official data. The country’s budget expenditures reached TRY 254.44 billion ($45.84 billion) in the first quarter, increasing 35.44 percent compared with the same period of last year. Excluding the interest payments, the budget balance saw a deficit of TRY 2.8 billion (some $500 million) in the period, while the interest expenditures were around TRY 33.36 billion ($6 billion). The government’s tax incomes reached TRY 154.3 billion ($27.8 billion) during the quarter, indicating a rise of 5.8 percent on a yearly basis.