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Turkey posts $7.6 billion budget deficit in first 10 months

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The Turkish government ran a deficit of 17.4 billion lira ($1.7 billion) in October, bringing the budget deficit in the first 10 months of the year to 78.5 billion lira ($7.6 billion), Bold Medya reported.

That compares with a deficit of TL 4.9 billion ($480 million) in October 2020, according to data from the Ministry of Treasury and Finance.

In October revenue rose 22.9 percent year-on-year, reaching TL 114 billion ($11.2 billion).

Expenditures hit TL 131.4 billion ($12.9 billion) in the same period, up 34.6 percent on an annual basis.

Tax revenue amounted to TL 96.1 billion ($9.4 billion) with a 25.5 percent increase, while interest payments were TL 14.3 billion ($1.4 billion), up 21.6 percent, in the same period.

Turkish President Recep Tayyip Erdoğan used a total of TL 310.9 million ($35 million) of discretionary funds allocated for his use in October. Erdoğan spent TL 93.2 million ($9.1 million) of these funds in previous months. Erdoğan’s spending in this context stood at TL 2.2 billion ($215 million) for the first 10 months of the current year, compared to TL 2 million ($196 million) spent all through the previous year.

The country’s security and defense-related spending rose to TL 2.2 billion ($215 million), up from TL TL 1.3 billion ($127 million) in the previous month. The spending in this category stood at TL 8.7 billion ($852 million) for the first 10 months of the year.

Total losses incurred by public enterprises for the first 10 months of the year amounted to TL 2.4 billion ($235 million).

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