Turkiye's budget deficit soars to $13.65 bn in Q1 2023

11 Apr '23

1 min read

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Insights

Turkiye's budget deficit reached 257.83 billion Turkish liras in the first quarter of 2023, with expenditures rising 57 per cent year-on-year to 1.06 trillion liras.
The country's primary balance amounted to a negative 172.68 billion liras.
The USD/TRY exchange rate averaged at 18.9 in the first quarter, and was at 19 specifically in March.

Turkiye’s budget deficit has risen to 257.83 billion Turkish liras ($13.65 billion) in the first quarter (Q1) of 2023, as per the Turkish treasury and finance ministry. The data showed that the country’s revenues for the first three months of the year amounted to 801.15 billion liras ($42.4 billion), which was up by 30.8 per cent on a yearly basis.

Compared to January-March 2022, the budget expenditures rose substantially by 57 per cent to reach 1.06 trillion liras ($55.7 billion) during the same period, said local media reports quoting the ministry.

The treasury and finance ministry also reported that the budget earned 3.2 billion liras ($169 million) from privatisation activities during the first quarter. During the three-month period, the primary balance, which does not take into account interest payments, amounted to a negative 172.68 billion liras ($9.1 billion).

In March alone, Turkiye’s budget deficit stood at 32 billion liras ($1.68 billion), adding to the country’s ongoing economic challenges. The USD/TRY exchange rate averaged at 18.9 in the first quarter, and was at 19 specifically in March, as per central bank data.

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