Turkey’s cash budget posts EUR 621.5mn surplus in February.

By bne IntelliNews March 10, 2014

The cash budget ran a surplus of TRY 1.91bn (EUR 621.5mn) in February, data of the Treasury showed.

On a cash basis, the primary surplus increased to TRY 4.47bn in February from TRY 3.26bn in the previous month. Cash revenues and expenditures stood at TRY 35.03bn and TRY 33.58bn respectively.

In the first two months of the year, the cash budget produced a surplus of TRY 1.25bn while primary surplus amounted to TRY 7.58bn. The ministry of finance will release the central government budget data later this month.

The Turkish economy is facing the risk of slowing down this year which may have consequences for the budget revenues. The central government budget ran a deficit of TRY 18.45bn last year versus TRY 29.4bn deficit in 2012. The 2013 budget shortfall was lower than the government’s revised projection of TRY 19.4bn (or 1.2% of GDP). The government targets a budget deficit of TRY 33.2bn (1.9% of GDP) and a primary surplus of TRY 18.8bn (1.1% of GDP) this year.

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