Turkey ran a narrow surplus in its central government budget in August, driven by a surge in tax revenues.
(Bloomberg) —
Turkey ran a narrow surplus in its central government budget in August, driven by a surge in tax revenues.
After posting a deficit for two consecutive months, the budget had a surplus of 3.6 billion liras ($197 million) last month, data from the Treasury and Finance Ministry showed on Thursday.
Key Insights
- Spending excluding interest payments was 279.7 billion liras, rising 204% from the same month a year earlier
- Government revenues were 305.9 billion liras as tax income surged over 107% to 271.9 billion liras, indicating an increase in real terms when adjusted for consumer inflation of above 80%
- Turkey’s January-August budget surplus reached 33.1 billion liras. The government sees the fiscal shortfall ending the year at 3.4% of gross domestic product, likely a sign that it has more room to spend as the country heads into elections scheduled for mid-2023
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