UPDATE - Turkey runs nearly $2.2B budget surplus in November

UPDATE WITH MORE DETAILS

By Bahattin Gonultas

ANKARA (AA) - The Turkish government ran a budget surplus of 8.5 billion Turkish liras ($2.2 billion) this November, but a 26.5 billion ($6.58 billion) deficit in the first 11 months of 2017, the Finance Ministry announced on Friday.

According to the ministry, tax revenues rose 16.7 percent during the first 11 months to 489.3 billion liras ($126.5 billion).

In November, budget revenues reached 65.2 billion liras ($16.8 billion), a 7 percent rise over the same period last year, while budget expenditures climbed 11.8 percent to 56.7 billion liras ($14.6 billion).

The government is aiming for a budget deficit of 46.8 billion liras (nearly $12.8 billion) at the end of the year, according to the ministry.

Tax revenues in the month also hit 58.4 billion Turkish liras (around $15.1 billion), an 8 percent rise year-on-year.

In January-November, government revenues hit 574.6 billion Turkish liras (nearly $148.6 billion), a 13 percent increase year-on-year, while expenditures stood at 601.1 billion Turkish liras (around $155.2 billion), rising 17.7 percent year-on-year, the ministry said.

Government expenditures for health, pensions, and welfare were up 23.5 percent during January-November to stand at 122.3 billion Turkish liras (around $31.6 billion) over the same period last year, while personnel expenditures rose 9 percent, reaching almost 151.6 billion Turkish liras (approximately $39.2 billion).

Interest expenditures were 55.3 billion Turkish liras (some $14.3 billion) over the same period, climbing 14.2 percent.