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Turkish government budget balance posts $14B gap in Jan-May

15 June 2020 15:11 (UTC +04:00)

The Turkish central government registered a budget deficit of 90.1 billion Turkish liras (some $14 billion) in January-May, the country's Treasury and Finance Ministry reported Monday, APA reports citing Anadolu Agency.

Turkey's budget revenue reached 389.1 billion Turkish liras ($60.8 billion) in the first five months of the year, up 12% year-on-year.

Budget expenditures rose 15.7% on an annual basis to hit 479.2 billion Turkish liras (74.9 billion) from January to May -- marking a 90.1 billion Turkish lira (some $60.8 billion) gap.

The budget balance, excluding interest payments, posted a deficit of 25.1 billion Turkish liras ($4 billion) in the first five months of 2020.

Official figures showed that revenue from taxes surged 6.7% to 280.5 billion Turkish liras ($43.9 billion), while interest payments were 65 billion Turkish liras ($10.1 billion) over the same period.