Turkey's Budget Deficit Doubles in the Last Year

In October 2023, the central government budget deficit was 95 billion 461 million TL, which increased to 186 billion 271 million TL in the same period of 2024. The non-interest deficit rose from 28 billion 651 million TL in 2023 to 50 billion 53 million TL in 2024.

According to the data released by the Ministry of Treasury and Finance, budget expenditures for October 2024 reached 955.5 billion TL, while budget revenues amounted to 769.2 billion TL. During this period, the budget deficit was recorded at 186.3 billion TL, with non-interest budget expenditures at 819.3 billion TL, resulting in a non-interest deficit of 50.1 billion TL. The statement noted that central government budget expenditures included interest expenses totaling 136 billion 219 million TL, while non-interest expenditures were 819 billion 260 million TL.

Significant budget deficits were reported from January to October. During this period in 2024, the central government budget registered a substantial deficit. Budget expenditures reached 8 trillion 114.1 billion TL, budget revenues recorded 6 trillion 853.8 billion TL, resulting in a budget deficit of 1 trillion 260.3 billion TL. Non-interest budget expenditures reached 7 trillion 65.2 billion TL, with a non-interest deficit of 211.4 billion TL.

In the January-October period of the previous year, the central government budget recorded a deficit of 608 billion 63 million TL, while in 2024, the deficit expanded to 1 trillion 260 billion 289 million TL. The non-interest deficit increased from 70 billion 389 million TL in 2023 to 211 billion 385 million TL in 2024. Budget expenditures for this period increased by 79.4% compared to the previous year, reaching 8 trillion 114 billion 115 million TL. Non-interest budget expenditures also marked a 77.3% increase, amounting to 7 trillion 65 billion 211 million TL.

A significant increase in budget revenues was observed. In October 2024, central government budget revenues amounted to 769 billion 207 million TL, reflecting an increase of 62.4% compared to the same period last year. Tax revenues saw a 57.2% rise, totaling 643 billion 605 million TL. These figures indicate that revenue realizations were 9.6% in 2023 and decreased to 9.1% in 2024.

From January to October, central government budget revenues reached 6 trillion 853 billion 826 million TL. Tax revenues climbed to 5 trillion 777 billion 663 million TL, indicating a 70.4% increase compared to the same period last year. General budget non-tax revenues were recorded at 899 billion 877 million TL. When compared to 2023, budget revenues experienced a 75.1% increase, rising from 3 trillion 913 billion 733 million TL to 6 trillion 853 billion 826 million TL.