NEWS Finance        15/11/2023

Turkey records a budget deficit of USD 3.4 billion in October 2023

The Turkish Treasury and Finance Ministry has announced today its budget figures for the month of October 2023, for which a budget deficit of TL 95,461 million (USD 3,378 million) was shown, an increase of 14.7% on the deficit of TL 83,254 million recorded in the same month of the previous year.

 

The Ministry announced total government revenue for October as TL 473,750 million (USD 16,764 million), including tax revenues of TL 409,427 million (USD 14,488 million), and budget expenditure as TL 569,211 million (USD 20,142 million), including TL 66,810 million (USD 2,364 million) in interest payments. October 2023 month end USD 1 = TL 28.26 rate was used.

 

For the first ten months of 2023, there is a deficit of TL 608,063 million (USD 26,669 million), an increase of 372.3% on the deficit of TL 128,754 million for the same period of the previous year. Total revenue is TL 3,913,733 million (USD 171,655 million), including tax revenue of TL 3,391,461 million (USD 148,748 million). Total expenditure was TL 4,521,796 million (USD 198,324 million), including interest payments of TL 537,674 million (USD 23,582 million). The average USD/TL rate used was USD 1 = TL 22.80.

 

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 608,063 recorded for the first ten months of 2023 is 92.2% 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