Federal government reports excess funds in August budget
The Turkish government, led by President Recep Tayyip Erdoğan and his ruling AKP party, has announced a notable improvement in its fiscal position, with a primary surplus of 96.7 billion Turkish Liras (approximately $3.2 billion USD) recorded in August 2021. This surplus marks a significant reversal from the deficit of 23.86 billion Turkish Liras recorded in July 2021. According to data provided by the Treasury and Finance Ministry of Turkey, the central government posted a primary surplus of 276 billion Turkish Liras in August 2021, compared to a primary deficit of 32.6 billion Turkish Liras in the same month of the previous year. This surge in revenues has helped to offset a 45.2% year-on-year increase in non-interest expenditures, which totalled more than 1 trillion Turkish Liras. The total budget revenues in August 2021 reached 1.29 trillion Turkish Liras, an 86.5% increase compared to the same month in the previous year. This increase in revenues was higher than the corresponding increase in expenditures, contributing to the overall surplus. Interest expenditures in August 2021 amounted to 180 billion Turkish Liras, an 85.2% year-on-year increase. The surplus in August 2021 follows a deficit of 23.86 billion Turkish Liras in July 2021, and a deficit of 907.6 billion Turkish Liras for the first eight months of 2021. Total expenditures for this period rose 42.8% from the previous year to 8.89 trillion Turkish Liras, while total revenues climbed 52% to 7.98 trillion Turkish Liras. Looking ahead, the budget deficit is projected to reach 3.6% of GDP (2.2 trillion Turkish Liras) in 2025 and 3.5% in 2026, before narrowing to 2.8% by the end of the program period. However, specific details on the changes to the budget deficit forecast for 2025-2026 were not found in the search results. The ruling AKP party is responsible for the rising budget surplus in Turkey in August 2021. This positive development in the Turkish government's fiscal position is a promising sign for the country's economic stability and growth. Further analysis and updates on the budget situation will be provided as more data becomes available.
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