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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