NEWS Finance        15/12/2020

Turkey records a budget surplus of USD 1.7 billion in November 2020

The Turkish Treasury and Finance Ministry has announced today its budget figures for the month of November 2020, for which a budget surplus of TL 13,430 million (USD 1.724 million) was shown, a 72.7% increase on the surplus of TL 7,776 million recorded in the same month of the previous year.


The Ministry announced total government revenue for November as TL 109,746 million (USD 14,088 million), including tax revenues of TL 99,248 million (USD 12,740 million), and budget expenditure as TL 96,316 million (USD 12,364 million), including TL 9,492 million (USD 1,218 million) in interest payments. November 2020 month end USD 1 = TL 7.79 rate was used.


For the first eleven months of 2020, there was a deficit of TL 132,053 million (USD 18,973 million), an increase of 42,1% on the TL 92,938 million deficit for the same period of the previous year. Total revenue was TL 931,934 million (USD 133,899 million), including tax revenue of TL 754,593 million (USD 108,419 million). Total expenditure was TL 1,063,987 million (USD 152,872 million), including interest payments of TL 129,073 million (USD 18,545 million). The average USD/TL rate used was USD 1 = TL 6.96.


The surplus for November 2020 has come as a surprise and a reassurance that the government’s recent fiscal tightening has shown positive results. Tax revenue in November 2020 was 35.3% higher than the figure for the same month of the previous year.


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. The budget deficit of TL 132,053 million for the first eleven months of 2020 represents 95.2% of the budget deficit forecast for the whole year.


Click here for budget report (Turkish)


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