Ford drives hike in car production in Romania
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The gross debt stock of Turkey's central government moved up by 4% m/m and 24% y/y to stand at TRY1.01tn (€139bn) in July, the Treasury said on August 27.
Annual growth in the government’s gross debt stock declined to 12% in December but it has since stayed on an escalating path month by month. July's growth was the highest recorded since June 2003.
The gross debt stock was TRY760bn at end-2016 and TRY877bn at end-2017.
The government’s domestic debt stock rose by 2% m/m to TRY571bn, while the external debt stock jumped by 7% m/m to TRY438bn due to the severe depreciation in the local currency.
Across January-July, Turkey’s budget deficit expanded by 85% y/y to TRY45bn.
For the full year of 2017, the central government budget balance showed a deficit of TRY47.4bn, below expectations at around 1.5% of GDP.
Under Turkey’s medium-term economic programme, the targets for the budget deficit/GDP ratio are 1.9% for both 2018 and 2019 and 1.6% in 2020. The government is targeting a budget deficit of TRY65.9bn for 2018.
Turkey’s public net debt stock rose by 17% y/y and 4% q/q to TRY272bn as of the end of March, the highest level registered since Q2 2012, the Treasury said on June 29.
It remained unchanged at 8.4% of GDP at end-March compared to the end of 2017.
The EU-defined general government debt stock rose by 18% y/y and 5% q/q to reach TRY922bn at the end of March. The EU-defined debt stock to GDP ratio edged up from 28.3% at the end of 2017 to 28.4% at the end of March.
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