Turkey's budget deficit exceeded 100 billion
Economy News _ Baghdad
The budget deficit in Turkey during the first ten months of this year amounted to 100.7 billion TL, despite the attempt of the government of the Justice and Development Party to control the budget deficit by controlling the reserve budget of the Central Bank.
The Ministry of Finance reports revealed a budget deficit of 14.9 billion pounds in October, compared with 5.4 billion pounds in the same month in 2018.
The budget revenues in October last year increased by 5.2% to 65.4 billion pounds, while expenses rose in the same month by 18.9%, to 80.3 billion pounds.
While the total budget deficit in the first ten months of this year recorded LBP 100.7 billion, despite the attempt to control the deficit by transferring part of the cash reserves to the budget, the size of the budget deficit during the same period last year was LBP 62.1 billion.
The budget deficit is expected to exceed LBP 125 billion by the end of this year, contrary to the expectations of the government of the Justice and Development Party to achieve a budget deficit of LBP 80.6 billion this year.
During the period between the first and tenth months of this year, the budget revenues recorded an increase of about 18.1% to reach 719.2 billion pounds, while expenses increased by 22.2% to reach 819.9 billion pounds; tax revenues increased by 6.3%, to reach 539.9 billion pounds. Interest expense reached 88.3% in the first ten months of this year.
The military and security expenditures recorded an unprecedented increase during the month of October, amounting to 1.5 billion pounds, bringing the total in the first ten months of the year to 7.1 billion pounds.
The secret expenses of the presidency recorded 263.6 million pounds in October last year, to reach 1.8 billion pounds in the first months of this year.