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09-04-23
Türkiye's Budget Deficit Increases in Q1 2023
(MENAFN) Official figures released on Friday showed that Türkiye's budget deficit for the first quarter of 2023 was 257.83 billion Turkish liras (USD13.65 billion). The Turkish Treasury and Finance Ministry reported that revenues totaled 801.15 billion liras (USD42.4 billion) during the same period, showing a 30.8 percent increase on a yearly basis. However, budget expenditures amounted to 1.06 trillion liras (USD55.7 billion) in Q1 2023, reflecting a significant increase of 57 percent compared to the same period in the previous year.
Despite the deficit, the budget earned 3.2 billion liras (USD169 million) from privatization moves during the first quarter. The primary balance, which excludes interest payments, was at minus 172.68 billion liras (USD9.1 billion) during the three-month period.
In March 2023, Türkiye's budget deficit was 32 billion liras (USD1.68 billion), contributing to the overall Q1 deficit. These figures are a cause for concern, as the country has been struggling with economic challenges such as inflation and currency devaluation.
The average USD/TRY exchange rate was 18.9 in the first quarter and 19 in March 2023, according to Central Bank data. This rate may have contributed to the increase in budget expenditures, as the rising cost of imports could have impacted the country's spending.
In conclusion, the first quarter of 2023 saw Türkiye's budget deficit increase to 257.83 billion Turkish liras. Despite the increase in revenues, the country's budget expenditures rose significantly, resulting in a primary balance of minus 172.68 billion liras. The average USD/TRY exchange rate also played a role in the budget deficit, and the country will need to address these economic challenges to improve its financial outlook in the coming months.
MENAFN09042023000045014228ID1105966549
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