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 49% to TL 17,002 (USD 577) as of 01.01.2024       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 increases to 75.45% in May 2024       Turkey’s official unemployment rate is 8.6% in March 2024       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 85,372,377 as of 2023 yearend       No. of foreigners visiting Turkey in 2023 increases 10.4% to 49.2 million       Turkey’s private sector foreign debt is USD 164.1 billion as of yearend 2023       Turkey’s economy grew 4.5% in 2023       FDI to Turkey is USD 10.6 billion in 2023       Turkey’s current account deficit is USD 45 billion in 2023