Budget deficit in Turkiye drops to $4.9 bn in Jan 2024

16 Feb '24

1 min read

Pic: Adobe Stock

Insights

Turkiye's government budget saw a shortfall of TL 150.7 billion in January as expenditures slightly outweighed revenues.
The budget swung to a deficit of TL 842.5 billion in December, following a TL 75.6-billion surplus in November.
Budget revenues stood at TL 617.3 billion—a YoY rise of 113.5 per cent, while expenditures totaled TL 768 billion last month.

The Turkish government budget saw a shortfall of TL 150.7 billion ($4.9 billion) in January as expenditures slightly outweighed revenues, according to data from the treasury and finance ministry.

The public budget shrank in the month compared to December 2023. January 2023 had witnessed a surplus of TL 30 billion.

The budget swung to a deficit of TL 842.5 billion in December, following a TL 75.6-billion surplus in November last year, domestic media outlets reported.

The country’s budget revenues stood at TL 617.3 billion—a year-on-year (YoY) rise of 113.5 per cent, while expenditures totalled TL 768 billion last month, the data showed.

The government raised taxes on petrol and hiked value-added taxes last July as part of its move to boost revenues after the sharp rise in spending related to the earthquakes and the May presidential and parliamentary elections.

The budget, however, ran a deficit of TL 1.37 trillion throughout last year, mainly due to quake-related spending. The deficit was TL 142.7 billion in 2022.

Fibre2Fashion News Desk (DS)

More Textiles News - Turkey...