Finance Turkey’s budget surplus hits $1.8bn on higher taxes By Pramod Kumar August 16, 2023, 5:31 AM Unsplash.com Turkey’s deficit stood at $8.13bn in June, seven times the deficit a year earlier Turkey has reported a budget surplus of $1.8 billion in July 2023 following the government’s move to increase taxes on certain goods. The country’s deficit stood at $8.13 billion in June, seven times the deficit a year earlier, Daily Sabah reported, citing official data. The government raised taxes on petrol and increased value added taxes (VAT) to boost revenues after spending rose due to the February earthquakes and May elections. Turkey’s exports to Saudi surge 627% as ties improve Turkey introduces 20% extra tariff on gold imports Turkey’s inflation rises to 48% after consumer prices jump Revenues in July increased 156 percent year on year to $18.63 billion, the treasury and finance ministry data showed. Expenditures jumped 74.7 percent to $16.84 billion. The primary surplus, which excludes interest payments, reached $3.19 billion. Turkey’s budget deficit reached $16.07 billion in the year’s first seven months. Inflation rose to 48 percent in July but had eased to 38.21 percent in June despite tax rises. It had jumped to a 25-year high above 85 percent last October.
Construction Eagle Hills signs contract for Budapest redevelopment Abu Dhabi-based developer Eagle Hills has signed a real estate purchase agreement with Hungary to start work on transforming a rundown area of Budapest. The project, spanning an area of 100 hectares, will have a development cost of more than €12 billion ($12.3 billion), the developer said in a statement. The project is supported by the […] 1 hour ago
Economy Lebanon and Sudan swell Arab countries’ public debt Public debt in Arab countries swelled by nearly $142 billion at the end of 2023, mainly because of a sharp rise in obligations by Lebanon and war-battered Sudan. Total debt increased despite a fall in Egypt’s public, mostly domestic, dues as a result of a large depreciation in the pound against the US dollar. The […] 12 mins ago
Trade UK invests $5bn in Oman in 12 months The United Kingdom pumped more than $5 billion in foreign direct investment (FDI) into Oman in the 12 months from October 2023, maintaining its position as the biggest external investor in the country, official data shows. The UK’s cumulative stock of FDI in Oman was 13.7 billion Omani rials ($35.6 billion) by the end of […] 31 mins ago
Oil & Gas ‘It’s costing huge sums’ – Iraq may stop buying Iranian gas Iraq may stop importing natural gas from its neighbour Iran when projects to develop the country’s unexploited gas resources are complete, the country’s oil minister has hinted. Hayan Abdel Ghani told the official Iraqi news agency that the bill for Iranian gas imports was sapping Iraq’s coffers, and the Iranian supplies were no longer secure, […] 1 hour ago
