10 December 2017•Update: 11 December 2017
By Emin Avundukluoglu
ANKARA
Lawmakers are to begin 12 days of debating Turkey’s 2018 budget on Monday, when Finance Minister Naci Agbal presents the plan to the Grand National Assembly.
They will be asked to vote on a final budget on Dec. 22.
Highlights of the government’s spending plans include raising spending on education to 134 billion Turkish liras ($34.92 billion), taking education expenditure to around 18 percent of all public spending.
In October, Agbal said budget spending in 2018 would amount to 762.8 billion liras ($198.8 billion). Revenue is expected to be 696.8 billion liras ($181.6 billion), including nearly 600 billion liras ($156.4 billion) in tax revenue.
Around 85 billion liras ($22.2 billion) is earmarked for public investment, with nearly 30 percent to be spent on transport. Around 10 percent of investment will be in the health care sector while 12 percent will go towards agriculture.
According to the Turkish Statistical Institute, growth was higher than expected in the first six months of 2017, at 5.2 percent in the first quarter and 5.1 percent in the second.
Growth was 5.2 percent in 2014; 6.1 percent in 2015; and 2.9 percent in 2016.
Ankara is targeting a growth of 5.5 percent this year, which it hopes to carry through to 2020, according to the medium-term economic program announced in September.
