NEWS Finance        15/02/2021

Turkey records a budget deficit of USD 3.3 billion in January 2021

The Turkish Treasury and Finance Ministry has announced today its budget figures for the month of January 2021, for which a budget deficit of TL 24,154 million (USD 3,295 million) was shown, a 212.3% fall on the surplus of TL 21,501 million recorded in the same month of the previous year. The budget surplus recorded in January 2020 was 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. This transfer in 2021 will most likely be recorded in April as was the normal practice in the past.


The Ministry announced total government revenue for January as TL 89,609 million (USD 12,225 million), including tax revenues of TL 79,227 million (USD 10,809 million), and budget expenditure as TL 113,763 million (USD 15,520 million), including TL 21,943 million (USD 2,994 million) in interest payments. January 2021 month end USD 1 = TL 7.33 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 2021 budget foresees total expenditures of TL 1,346,139 million, total revenues of TL 1,101,146 million, and a budget deficit of TL 244,993 million.


Click here for budget report (Turkish)



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