Turkey’s central government posted 66.5 billion lira ($11.9 billion) budget deficit in the first five months of the year, the country’s Ministry of Treasury and Finance announced.
The Ministry’s May 2019 report shows that in May 2018 there was a 2.7 billion lira budget surplus, in May 2019 it recorded a 12.1 billion lira deficit.
The primary surplus was recorded at 8.7 billion liras in May last year, but as Turkish economy fell into recession and Turkish lira is continue to weaken, the primary deficit was put at 4.1 billion lira this past May.
The budget revenues increased by 2.2 percent in May 2019 compared to the same month of the previous year and reached 71.6 billion liras.
Budget expenditures increased by 24.2 percent and were recorded as 83.6 billion liras. Non-interest budget expenditures increased by 23.5 percent and rose to 75.7 billion lira.
In the five-month period from January to May this year, Turkey’s budget revenues totaled 347.5 billion Turkish lira ($62.3 billion), up 15% year-on-year.
However, over the same period, the budget expenditures increased by 28.4 percent to lira 414 billion.
The budget, which gave a deficit of 20.5 billion lira in January-May 2018, posted a deficit of 66.5 billion Lira in the January-May 2019 period.
The ministry reported that while the primary surplus was recorded as 11 billion liras in January-May 2018 period, the primary deficit was recorded as 20.1 billion TL in January-May 2019.
In January-May 2019, tax revenues were recorded at 262.9 billion liras, with an increase of 4.3 percent compared to the same period of the previous year, while non-interest budget expenditures were up by 26.3 percent to 367.6 billion lira.
In 2018, the Central Bank of the Republic of Turkey’s budget balance posted a deficit of 72.6 billion Turkish lira, marking a 1.9% budget-deficit-to-GDP ratio.