NEWS Finance        15/01/2021

Turkey records a budget deficit of USD 24.7 billion for 2020

The Turkish Treasury and Finance Ministry has announced today its budget figures for the month of December 2020, for which a budget deficit of TL 40,691 million (USD 5,477 million) was shown, a 27.9% increase on the deficit of TL 31,809 million recorded in the same month of the previous year.


The Ministry announced total government revenue for December as TL 97,559 million (USD 13,130 million), including tax revenues of TL 78,469 million (USD 10,151 million), and budget expenditure as TL 138,250 million (USD 18,607 million), including TL 4,889 million (USD 632 million) in interest payments. December 2020 month end USD 1 = TL 7.43 rate was used.


For the total year of 2020, there was a deficit of TL 172,743 million (USD 24,713 million), an increase of 38.5% on the TL 124,747 million deficit for the same period of the previous year. Total revenue was TL 1,029,493 million (USD 147,281 million), including tax revenue of TL 833,062 million (USD 119,179 million). Total expenditure was TL 1,202,236 million (USD 171,994 million), including interest payments of TL 133,962 million (USD 19,165 million). The average USD/TL rate used was USD 1 = TL 6.99.


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 was 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 was USD 21,893 million.


The 2020 budget foresaw total expenditures of TL 1,095,461 million, total revenues of TL 956,588 million, and a budget deficit of TL 138,673 million. The budget deficit of TL 172,743 million for 2020 was 24.6% higher than the budget forecast deficit for 2020.


Click here for budget report (Turkish)


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