Türkiye's budget balance posts deficit in January-November

By Gokhan Ergocun

ISTANBUL (AA) – Türkiye's budget balance posted a deficit of 428.5 billion Turkish liras ($18.4 billion) in the January-November period, the Treasury and Finance Ministry said on Thursday.

The deficit was up by around 150% from the end of last year, ministry data showed.

Budget revenues totaled 4.77 trillion Turkish liras ($205.16 billion) in the first 11 months of 2023, while expenditures amounted to 5.2 trillion Turkish liras ($223.6 billion).

The budget balance excluding interest payments posted a surplus of 97.9 billion Turkish liras ($4.2 billion).

In November alone, revenues totaled 751.5 billion Turkish liras ($26.2 billion), while spending was at 656.28 billion Turkish liras ($22.9 billion), making for a budget surplus 95.3 billion Turkish liras ($3.3 billion).

The US dollar/Turkish lira exchange rate was at 23.25 in the January-November period and 28.64 in November on average.