(Bloomberg) -- Turkey's central government budget swung to a deficit after running a surplus for two consecutive months as spending outpaced tax collection.
The government posted a monthly fiscal deficit of 69 billion liras ($4.7 billion) in March, compared with a gap of 23.8 billion liras in the same month a year earlier.
Key Insights
- Spending excluding interest payments rose an annual 104% to 198 billion liras, driven by an 86% jump in current transfers and an increase of 1,033% in lending
- In March, the government allocated 39.5 billion liras via lending and current transfers to Boru Hatlari ile Petrol Tasima AS, the national gas import company better known as Botas
- Overall government spending rose 102.3% to 224.9 billion liras
- Revenues rose 15.6% from a year earlier to 156 billion liras last month, indicating a decrease in real terms when adjusted for consumer inflation of 61.1%
- Tax income increased 64.5% to 127.4 billion liras in March, compared with 77.4 billion liras a year earlier
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- Turkey's cash budget moved to a deficit of 40.6 billion liras in March
- Turkey forecasts the budget deficit will equal 3.5% of gross domestic product in 2022, according to the government's latest economic program
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