Turkey’s central government budget runs €474mn surplus in April

By bne IntelliNews May 15, 2015

The central government budget posted a surplus of TRY1.4bn (€474mn) in April vs TRY2.7bn of deficit in the same month of 2014, said the ministry of finance on May 15. The primary surplus jumped nearly 570% y/y to TRY7.5bn.

Revenues increased by 26.1% y/y, expenditures rose by 13.1% y/y in the month. Interest expenditures were up 59% y/y while non-interest expenditures increased by 7.8% y/y, data showed. The ministry said the increase in interest expenditures was temporary stemming from the maturity structure of the debt stock.

The ministry reported a 234% y/y increase in tax revenues with VAT collection rising by 13.6% y/y, special consumption tax revenues up 18.4%, and VAT collection on imports increasing by 40.6% y/y.

In the first four months of the year the central government budget deficit rose by 4.2% y/y to TRY4.06bn while the primary surplus increased by 48.2% y/y to TRY20.1bn.

The government targets TRY20.96bn of deficit (of 1.1% of GDP) and TRY33bn primary surplus this year.

CENTRAL GOVERNMENT BUDGET REALIZATIONS
Thousand TRY  Apr-15 y/y Jan-Apr/15 y/y 2014 Realization 2015 Budget
Budget Expenditures  41,596,599 13%  160,210,522 12%  448,423,971  472,942,746
1-Excluding Interest  35,509,909 8%  136,032,454 9%  398,516,770  418,942,746
    Compensation of Employees  10,265,039 11%  42,606,682 10%  110,370,074  119,170,124
    Social Security Contributions  1,619,720 8%  7,074,296 8%  18,926,444  20,324,876
    Good and Service Purchase  3,542,765 11%  10,880,200 14%  40,691,137  41,152,681
    Current Transfers  16,061,739 11%  57,808,612 3%  162,326,920  176,424,780
    Capital Expenditures  2,828,190 20%  10,090,377 26%  48,001,296  40,955,159
    Capital Transfers  400,178 -23%  2,193,928 44%  7,683,073  6,797,889
    Lending  792,278 -54%  5,378,359 20%  10,517,826  10,544,604
2-Interest  6,086,690 59%  24,178,068 36%  49,907,201  54,000,000
Budget Revenues  42,971,237 26%  156,151,936 13%  425,758,290  451,979,400
1-General Budget Revenues  41,209,877 27%  149,899,076 13%  409,191,031  440,997,857
    Taxes  31,913,230 23%  128,199,668 16%  352,436,834  389,501,090
    Property Income  6,598,469 61%  8,606,171 33%  16,118,618  9,478,311
    Grants and Aids and Special Revenues  420,005 289%  1,308,529 68%  1,891,117  1,932,183
    Interest, Shares and Fines  2,115,839 -9%  9,505,221 -12%  28,293,680  28,843,105
    Capital Revenues  141,220 -14%  2,128,249 -32%  9,548,325  10,438,998
    Collections from Loans  21,114 35%  151,238 -78%  902,457  804,170
2-Special Budget İnstitutions  1,376,715 3%  4,132,276 4%  13,419,496  7,789,211
3-Regularity & Supervisory Institutions  384,645 130%  2,120,584 35%  3,147,763  3,192,332
Budget Balance  1,374,638 -151%  (4,058,586) -4%  (22,665,681)  (20,963,346)
Primary Balance  7,461,328 567%  20,119,482 48%  27,241,520  33,036,654
Source: Ministry of Finance            
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