NEWS Finance        16/03/2020

Turkey records a budget deficit of USD 1.2 billion for February 2020

The Turkish Treasury and Finance Ministry has announced today its budget figures for the month of February 2020, for which a budget deficit of TL 7,363 million (USD 1,182 million) was shown, a 56.1% decrease on the deficit of TL 16,775 million recorded in the same month of the previous year.


The Ministry announced total government revenue for February as TL 86,136 million (USD 13,826 million), including tax revenues of TL 71,729 million (USD 11,513 million), and budget expenditure as TL 93,499 million (USD 15,008 million), including TL 14,162 million (USD 2,273 million) in interest payments. February 2020 month end USD 1 = TL 6.23 rate was used.


For the first two months of 2020, there was a surplus of TL 14,139 million (USD 2,337 million). Total revenue was TL 208,306 million (USD 34,431 million), including tax revenue of TL 139,145 million (USD 22,999 million). Total expenditure was TL 194,168 million (USD 32,094 million), including interest payments of TL 26,908 million (USD 4,448 million). The average USD/TL rate used was USD 1 = TL 6.05).


The budget surplus recorded in the first two months of 2020 was most likely due to the Turkish Central Bank having distributed accumulated contingent reserves and 2019 annual profit, amounting to a total value of USD 40.5 billion, to the Treasury.


The budget deficit for the year of 2019 was TL 123,693 million, a 69.9% increase on the deficit figure of TL 72,813 million for the same period of the previous year. Total revenue for the year of 2019 is TL 875,796 million, including tax revenues of TL 673,315 million, and budget expenditure is TL 999,489 million, including TL 99,940 million in interest payments. Using an average exchange rate of USD = TL 5.65, the deficit for the year of 2019 is USD 21,893 million.


The 2020 budget foresees total expenditures of TL 1,095,461 million, total revenues of TL 956,588 million, and a budget deficit of TL 138,673 million.

Click here for budget report (Turkish)


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