NEWS Finance        20/12/2020

Turkey’s 2021 budget is ratified by parliament

Turkey’s 2020 budget has been passed in Turkey’s parliament. 316 members of parliament voted in favour of the budget, with 193 voting against in the early hours of the morning of December 19th, 2020. Members of parliament from the ruing Justice and Development Party (AKP) and the opposition Nationalist Movement Party (MHP) voted in favour of the bill.


The Turkish government has budgeted expenditures totalling TL 1,346.1 billion (USD 169.6 billion), including TL 1,166.6 billion (USD 147 billion) in non-interest expenditure and TL 179.5 billion (USD 22.6 billion) in interest expenditure. The lions’s share of expenditure has gone to education with 211.4 billion Turkish liras (USD 26.5 billion)


Total revenues were projected at TL 1,101.1 billion (USD 138.8 billion), with tax revenues at TL 922.7 billion (USD 116.3 billion).


The budget deficit for 2021 is TL 245 billion liras (USD 30.9 billion).


Turkey’s net minimum wage has been raised 50.52% to TL 4,253.40 (USD 319) as of 01.01.2022       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s official annual inflation rate rises further to 69.97% in April 2022       Turkey’s official unemployment rate jumps to 11.5% in March 2022       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 84,680,273 as of 2021 yearend       Foreigners visiting Turkey in 2021 increase by 94.1% to 24.7 million       Turkey’s private sector foreign debt is USD 169.4 billion as of 2021 yearend       Turkey’s economy grew 11% in 2021       Foreign Direct Investment to Turkey in 2021 was USD 14 billion       Turkey’s current account records a deficit of USD 14 billion in 2021