NEWS Finance        16/10/2023

Turkey records a budget deficit of USD 23 billion in first nine months of 2023

The Turkish Treasury and Finance Ministry has announced today its budget figures for the month of September 2023, for which a budget deficit of TL 129,218 million (USD 4,714 million) was shown, an increase of 64.3% on the deficit of TL 78,627 million recorded in the same month of the previous year.

 

The Ministry announced total government revenue for September as TL 441,265 million (USD 16,099 million), including tax revenues of TL 386,224 million (USD 14,091 million), and budget expenditure as TL 570,482 million (USD 20,813 million), including TL 70,764 million (USD 2,582 million) in interest payments. September 2023 month end USD 1 = TL 27.41 rate was used.

 

For the first nine months of 2023, there is a deficit of TL 512,602 million (USD 23,028 million), an increase of 1,257.3% on the deficit of TL 45,500 million for the same period of the previous year. Total revenue is TL 3,439,983 million (USD 154,537 million), including tax revenue of TL 2,982,035 million (USD 133,964 million). Total expenditure was TL 3,952,585 million (USD 177,564 million), including interest payments of TL 470,864 million (USD 21,153 million). The average USD/TL rate used was USD 1 = TL 22.26.

 

The Turkish government’s current budget figures for 2023, as have been revised in July, foresees budgeted expenditures totalling TL 5,589,085 million and total revenues totalling TL 4,929,664 million, with a budget deficit of TL 659,421 million liras. Expenditures include TL 646,136 million in interest payments. The budget deficit of TL 512,602 recorded for the first nine months of 2023 is 77.7% of the projected budget deficit for the full year of 2023.

 

For the total year of 2022, there was a deficit of TL 139,065 million (USD 8,459 million), a decrease of 27.7% on the deficit of TL 192,244 million for the previous year. Total revenue is TL 2,802,355 million (USD 170,460 million), including tax revenue of TL 2,353,286 million (USD 143,144 million). Total expenditure was TL 2,941,420 million (USD 178,918 million), including interest payments of TL 310,903 million (USD 18,911 million). The average USD/TL rate used was USD 1 = TL 16.44. The 2022 year budget deficit of TL 139,065 million is 50% less than the budgetted figure for 2022.

 

Click here for budget report (Turkish)

 



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 marginally to 64.86% in January 2024       Turkey’s official unemployment rate is 8.8% in December 2023       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 164.4 billion as of yearend 2023       Turkey’s economy grew 5.5% in 2022       FDI to Turkey is USD 10.6 billion in 2023       Turkey’s current account deficit is USD 45.2 billion in 2023