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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