As the local election approaches, Turkey’s ruling AK Party (AKP) spending is shaking the Turkish economy, which is in recession, according to Diken news portal.
AKP’s February expenditure increased the central government budget deficit up to 16.8 billion Turkish Lira. The budget deficit rose to 11.7 billion TL from 201 million TL since the same month last year, according to the “Budget Realizations of February 2019 Period” report.
The budget deficit was announced as 16.8 billion TL in February, and the non-interest deficit was 2.1 billion TL in the same month, this year. Thus, in the January-February period of the past year, the budget deficit, which was 201 million TL, increased to 11.7 billion TL in the same period of this year.
The data shows that the budget deficit, which was 201 million TL in the January-February period of last year, increased to 11.7 billion TL in the same period this year. Since February last year, non-interest budget expenses decreased from 12.5 billion TL to 10.3 billion TL.
The “Budget Realizations of February 2019 Period” report reveals that the budget deficit increased from 1.9 billion TL to 16.8 billion TL since February last year. On the other hand, the non-interest deficit decreased from 4.8 billion TL to 2.1 billion since last February.
Budget expenses increase by 33.2 percent
According to the report, budget revenues increased by 9.7 percent and amounted to 67 billion TL, compared to the same month of the previous year. Budget expenditures increased by 33.2 percent and reached 83.7 billion TL. During the same period, tax revenues increased by 9.4 percent, standing at 57.5 billion TL. Non-interest budget expenditures rose by 22.8 percent to 69 billion pounds.
When the “New Economic Program” was announced last year, Treasury and Finance Minister Berat Albayrak said that tight economic policies would be followed during the ‘stabilization period of the economy’. Albayrak also stated that they would implement much more stringent monetary and fiscal policies in the new period.
The elections swallow the budget
Turkey’s ruling AKP, which has won elections since 2013, has spent enormous amounts on election campaigns.
Turkey held a referendum in 2017, which reached 47.8 billion TL, while the presidential and parliamentary elections that were held in 2018 reached a record level budget deficit of 72.6 billion TL.