Turkey runs budget surplus $440 mln during Jan-July

ANKARA (AA) – Turkey’s government ran a budget deficit of 129 million liras ($44 million) in July, but it ran a surplus of 1.3 billion liras ($440 million) in January-July, said Turkish Finance Minister Naci Agbal Monday.

“Fiscal discipline, which constitutes one of the most powerful aspects of the Turkish economy, will be maintained in the coming period," he said in a statement.

Agbal vowed to continue making structural reforms without pause, which he said would add further strength to the Turkish economy.

Government revenues in July stood at 42.5 billion Turkish liras ($14.3 billion), a 6.1 percent increase year-on-year, while budget expenditures were 42.4 billion Turkish liras ($14.35 billion), down 6.8 percent from a year earlier.

- Interest expenses down 12 pct in Jan-July

According to the ministry, Turkish government’s budget revenues reached 317.5 billion Turkish liras ($107.5 billion) in the first seven months of the year, a 14.4 percent increase over the same period last year.

Tax revenues also rose 9.5 percent within the period to 252.7 billion liras ($85.5 billion). Budget expenditures in January-July rose to 316.3 billion Turkish liras ($107 billion), marking a 12.1 percent increase year-on-year.

The government's expenses for health, pension, and welfare rose nearly 20.9 percent in the first seven months of the year to 14.6 billion liras ($4.94 billion) compared with the same period last year.

Personnel expenses rose 21.1 percent, reaching 89.3 billion lira ($30.2 billion) in January-July 2016.

Interest expenses stood at 30.6 billion liras ($10.3 billion) in that period, a fall of 12 percent.

The government aimed at a budget deficit of 29.7 billion Turkish liras ($10 billion) at the end of year, according to the Finance Ministry.