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Turkey’s budget surplus hits $1.8bn on higher taxes

Turkey’s deficit stood at $8.13bn in June, seven times the deficit a year earlier
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.

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.

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