Turkey runs $3B-plus budget surplus in January

The Turkish government ran a budget surplus of 11.4 billion Turkish liras (approximately $3.06 billion) in January, the country’s finance minister said Wednesda

"The budget showed a solid performance in the first month of the new year," Naci Agbal said, according to Anadolu Agency.

Official data showed Turkish government revenues in January stood at 58.8 billion Turkish liras (some $15.8 billion), a 25.8 percent increase year-on-year.

"Last month, the government's tax revenues rose 22 percent to reach 48.4 billion Turkish liras [around $13 billion] and tax-excluded incomes stood at 10.4 billion liras [some $2.8 billion], up 47.2 percent over the same month in 2016," Agbal said.

Agbal stated that budget expenditures in January also rose to 47.3 billion liras (around $12.7 billion) in line with the year-end targets, an 11.3 percent rise from a year earlier.

The finance minister also stressed that the government made nearly 6.5 billion Turkish liras (approximately $1.74 billion) in interest payments last month, amid a nearly 18 billion lira (some $4.84 billion) budget surplus excluding debt interest payments.

Last year Turkey’s government ran a 29.3 billion Turkish lira ($7.81 billion) budget deficit. According to the ministry, government budget revenues reached 554.4 billion liras ($148 billion) in 2016, up 14.8 percent over 2015.

Budget expenditures for last year rose to 583.7 billion liras ($155.6 billion), a 15.3 percent rise year-on-year. Interest expenses stood at 50.2 billion liras ($13.4 billion) in that period, down 5.2 percent from the previous year.


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