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The fiscal deficit doubles in Turkey's budget
09:43 - 24/12/2017
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The Turkish budget deficit for the year 2018 doubled to 65.9 billion lira (17.28 billion dollars) according to the budget approved by the Turkish parliament.
The 2018 budget includes, according to Reuters, the amendment of the tax rules, including increased corporate tax and car fees to help pay the cost of enhancing security.
Turkey's current budget deficit is expected to hit 61.7 billion pounds, more than double the budget deficit of 2016 billion pounds.
Turkey's budget for 2018 also expects an income of 599.4 billion lire, up about 15% from the forecast for 2017.
The budget deficit is expected to reach 1.9 percent next year. The government says there is an urgent need for additional defense spending to modernize the military, the second largest NATO force, and to pay for security operations at home and abroad.
GDP grew 11.1 percent year-on-year in the third quarter, the fastest growth rate in six years, according to official data. Ending / 25 g
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