Turkey’s budget deficit rose 70 percent year-on-year in first half of 2019

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Photo by M. B. M. (Unsplash)

Turkey’s budget deficit reached TL 78.6 billion ($13.77 billion) in the first six months of 2019, increasing by 70 percent over the same period last year, according to the Habertürk news website.

The budget deficit stood at TL 12.1 billion in June, with a 7.6 percent year-on-year increase in revenues and a 12.5 percent year-on-year decrease in expenditures.

According to January-June 2019 data, the salaries of public servants increased by 28 percent year-on-year, making them the largest expenditure item.

Meanwhile, total state revenues from taxes also increased 4.3 percent in the six-month period.

The average US dollar/Turkish lira exchange rate in June was 5.8, while one dollar was trading for 5.6 lira on average in the first half of the year, according to the Hürriyet Daily News.

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