Turkey’s central budget posts EUR 2.2bn surplus in November.

By bne IntelliNews December 16, 2013

The central government budget produced a surplus of TRY 6.4bn (EUR 2.2bn) in November. That is an 18.5% y/y increase in the surplus.

In October, the budget had posted a deficit of TRY 3.2bn.

The central government budget also produced a primary surplus of TRY 8.2bn in November after a TRY 760mn of primary deficit a month ago. The primary surplus fell 7.9% y/y in the month.

Budget expenditures rose 9.1% y/y, data of the finance ministry showed on Monday. Non-interest expenditures increased by 17.4% y/y but interest expenditures fell 49.3% y/y.

Revenues were up 10.7% y/y in November. Tax revenues rose 12.2% y/y. VAT revenues and special consumption tax revenues rose 18% y/y and 16.2% y/y while import tax collection increased 21.2% y/y, all underlining a strong domestic demand. Especially the more than 20% increase in import tax collection should a warning sign for authorities because of the country’s large current account deficit.

In the first eleven months of the year, the central government budget posted a deficit of TRY 1.2bn versus a TRY 13.3bn budget shortfall a year ago. The primary surplus rose by a strong 40.1% y/y to TRY 46.8bn.

The 2014 budget targets a budget deficit of TRY 33.3bn (1.9% of GDP) and a primary surplus of TRY 18.7bn (1.1% of GDP). The government estimates the 2013 budget deficit and primary surplus at TRY 19.4bn (1.2% of GDP) and TRY 31.1bn (2% of GDP), respectively.

  November Jan-Nov 2012 2013  
 (TRY bn) 2013  y/y 2013  y/y Realization Budget  y/y
Revenues 36.9 10.7% 357.0 17.3% 332.5 370.1 11.3%
 Tax Revenues 33.1 12.2% 299.4 17.1% 278.8 317.9 14.0%
  VAT Revenues 3.0 18.0% 35.6 19.7% 31.6 36.4 15.3%
  SCT Revenues 7.7 16.2% 77.9 20.5% 71.7 83.1 15.9%
  Import Tax Revenues 5.9 21.2% 56.5 26.6% 50.0 61.2 22.4%
Expenditures 30.5 9.1% 358.2 12.7% 361.9 404.0 11.6%
 Interest Expenses 1.8 -49.3% 48.0 2.7% 48.4 53.0 9.5%
Budget Balance 6.4 18.5% -1.2 90.7% -29.4 -34.0 15.4%
Primary Balance 8.2 -7.9% 46.8 40.1% 19.0 19.0 0.2%
Source: ministry of finance            

Related Articles

Turkish central bank releases $500mn of liquidity via new deposit swaps market

The Turkish central bank on January 18 provided around $500mn of liquidity with a maturity of one-week to Turkish lenders at the first auction held under the scope of the newly launched FX ... more

Turkish prosecutors demand lifetime jail sentences for leaders of pro-Kurdish HDP

Turkish prosecutors have demanded up to a 143-year jail sentence for Selahattin Demirtas, co-leader of the pro-Kurdish HDP, party and 83 years for the other co-leader, Figen Yuksekdag, ... more

Turkish cargo plane crashes near Kyrgyz capital, killing at least 37

A Turkish cargo plane flying from Hong Kong crashed on January 16 near Kyrgyzstan’s capital Bishkek, killing at least 37. Operated by ACT Airlines, the ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss