HomeEconomyTürkiye’s budget deficit exceeds $4 bn in September
By Economy Middle East
October 18, 2022 10:41 am

Türkiye’s budget deficit exceeds $4 bn in September

Its biggest shortfall this year
Turkish budget
Turkish lira banknotes in hand

Türkiye’s central government budget swung to a deficit in September on the back of increased spending and lower corporate tax revenues.

The government ran a monthly fiscal deficit of 78.6 billion pounds ($4.23 billion) last month, its biggest shortfall this year, data from the Treasury and Finance Ministry showed on Monday. In August, the budget was in a surplus of 3.6 billion pounds thanks to a surge in tax revenue.

Government revenues were 206.9 billion pounds in September, dropping from the previous month but rising 8.1% from the same period last year.

Additionally, spending excluding interest payments was 252.4 billion pounds, rising an annual 98.2%.

Spending on wages rose a monthly 10% to 61.4 billion pounds.

Moreover, tax income was 173.4 billion pounds, an increase of 81.4% from last year.

Corporate tax revenues stood at 4.9 billion pounds, a sharp decline from last month’s 366.5 billion pounds.

Türkiye’s January-September budget deficit reached 45.5 billion pounds.