Turkey’s budget posts $17.8B deficit in 10 months

ISTANBUL

Turkey’s central government budget balance saw a deficit of 100.7 billion Turkish liras ($17.8 billion) in the first 10 months of 2019, official figures showed on Friday.

Turkey's budget revenues increased 18.1% to hit 719.19 billion Turkish liras ($127.17 billion) year-on-year in Jan.-Oct. period, the Treasury and Finance Ministry announced.

Turkey's budget expenses were 819.9 billion Turkish liras ($144.98 billion) in the 10-month period, rising 22.2% versus the same period of 2018.

Excluding the interest payments, the budget balance also posted a deficit of 12.4 billion Turkish liras ($2.19 billion) in the same period, while the interest expenditures were 88.3 billion Turkish liras ($15.6 billion).

The government's tax incomes -- biggest item among revenues -- went up by 6.3% to 539.88 billion Turkish liras ($95.47 billion) over the same period.

The U.S. dollar/Turkish lira exchange rate averaged at 5.65 in the first 10 months of this year.

Last year, Turkey's central government budget balance showed a deficit of 72.6 billion Turkish liras ($14.8 billion), meeting a year-end target under the country's new economic program announced in September 2018.