NBU cuts rates 100bp to 13.5% on falling inflation
4 hours ago
The Turkish government’s budget surplus declined by 58% y/y to TRY2.71bn (€495mn) in May, Finance Minister Naci Agbal announced on June 18.
Across January-May, it expanded by 78% y/y to TRY20.5bn while the primary surplus declined by 23% y/y to TRY11bn.
Expenditures rose by 21% y/y to TRY322.5bn in the first five months while revenues rose 18% y/y to TRY302.1bn.
The government's tax revenues rose by 20% y/y to TRY252bn in January-May.
The government is targeting a budget deficit of TRY65.9bn and a primary surplus of TRY5.78bn for 2018.
For the full year of 2017, the central government budget balance showed a deficit of TRY47.4bn, below expectations at around 1.5% of GDP.
Under Turkey’s medium-term economic programme, the targets for the budget deficit/GDP ratio are 1.9% for both 2018 and 2019 and 1.6% in 2020.
The government’s budget was stretched by a set of economic stimulus measures brought in during the build-up to the April 2017 referendum, which officially resulted in a Yes vote for an executive presidency.
On May 1, the Turkish government announced election incentives for 12mn retirees that will cost TRY22-24bn by year-end.
New tax measures announced in September will add TRY27bn-28bn to budget revenue in 2018, according to Agbal.
Turkey plans to earmark up to TRY18bn for additional defence spending in 2018 with the extra costs to be met mainly from tax income rather than borrowing, Deputy PM Mehmet Simsek, who leads the government's economic team, said in October.
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