Turkish April central government budget posts EUR 951mn deficit.

By bne IntelliNews May 15, 2014

The central government budget posted a deficit of TRY 2.7bn (EUR 951mn) in April, as expenditures rose. The budget ran a surplus of 595mn in the same month of 2013 and it produced a deficit of TRY 5.1bn in March 2014.

The primary surplus fell 69.5% y/y to TRY 1.12bn in April, the ministry of finance said. Expenditures rose 23.1% y/y while the rise in revenues was 11.7% y/y. Total tax revenues showed an increase of 7.2% with VAT and special consumption tax collection rising 2% y/y and 7.6% y/y, respectively. Import tax collection rose 16% y/y in April, according to data of the finance ministry. The ministry reported an increase of 24.8% y/y in interest expenditures. Current transfers amounted to TRY 14.4bn, representing a 23% increase from a year ago and personnel expenditures showed a 14.5% y/y increase to TRY 9.25bn.

In the first months of the year, the central government budget produced a deficit of TRY 4.2bn versus a shortfall of TRY 302mn a year earlier. The primary surplus fell 24.3% y/y to TRY 13.57bn in January-April. Budget revenues were up 11% y/y while expenditures rose 14.1% y/y.

Despite the high budget deficit recorded in recent months, the government will achieve its end-year budget targets, finance minister Mehmet Simsek said on Thursday. The government targets a budget deficit of TRY 33.3bn (1.9% of GDP) and a primary surplus of TRY 18.7bn (1.1% of GDP) this year.

2014 MONTHLY REALIZATIONS OF CENTRAL GOVERNMENT BUDGET
            (Thousand TRY)
  Jan Feb  Mar Apr Total Budget Target
Budget Expenditures 36.001.255 32.755.956 37.059.531 36.789.389 142.606.131 436.432.901
1-Excluding Interest 30.985.358 29.430.443 31.429.420 32.951.096 124.796.317 384.432.901
    Compensation of Employees 11.544.736 8.941.706 8.897.562 9.251.110 38.635.114 109.969.100
    Social Security Contributions 2.000.454 1.531.904 1.504.180 1.504.007 6.540.545 18.874.583
    Good and Service Purchase 1.346.304 2.259.364 2.754.956 3.185.102 9.545.726 37.590.028
    Current Transfers 13.267.874 14.131.952 14.241.267 14.416.794 56.057.887 163.553.913
    Capital Expenditures 2.007.615 844.760 2.814.259 2.348.018 8.014.652 36.688.695
    Capital Transfers 116.685 390.304 497.687 518.649 1.523.325 6.518.197
    Lending 701.690 1.330.453 719.509 1.727.416 4.479.068 7.645.162
    Reserve Appropriation           3.593.223
2-Interest 5.015.897 3.325.513 5.630.111 3.838.293 17.809.814 52.000.000
Budget Revenues 37.907.936 34.424.289 31.967.672 34.069.278 138.369.175 403.174.813
1-General Budget Revenues 36.883.868 32.726.072 30.640.225 32.562.619 132.812.784 392.967.693
    Taxes 32.706.946 29.522.848 22.864.937 25.857.872 110.952.603 348.352.781
    Property Income 1.246.578 540.842 596.229 4.089.500 6.473.149 8.140.485
    Grants and Aids and Special Revenues 344.803 87.656 239.628 107.862 779.949 1.556.477
    Interest, Shares and Fines 1.800.914 1.862.165 4.793.306 2.328.524 10.784.909 26.025.984
    Capital Revenues 776.380 681.363 1.514.363 163.273 3.135.379 8.749.559
    Collections from Loans 8.247 31.198 631.762 15.588 686.795 142.407
2-Special Budget İnstitutions 640.117 842.554 1.162.796 1.339.250 3.984.717 7.222.934
3-Regularity & Supervisory Institutions 383.951 855.663 164.651 167.409 1.571.674 2.984.186
Budget Balance 1.906.681 1.668.333 -5.091.859 -2.720.111 -4.236.956 -33.258.088
Balance Excluding Interest 6.922.578 4.993.846 538.252 1.118.182 13.572.858 18.741.912
Source: Finance Ministry             

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