(Bloomberg) -- Turkey’s central government budget swung to a deficit last month, capping the year with a 40% jump in the shortfall, as the coronavirus pandemic led to a rise in spending that outpaced revenues.
The government posted a monthly fiscal gap of 40.7 billion liras ($5.5 billion) in December, bringing the deficit for the whole of the year to 172.7 billion liras. That compares with a deficit of 31.8 billion liras in December 2019 and an annual gap of 124.7 billion liras in the whole of that year.
Key Insights
- The monthly gap comes after a surplus in November, usually a period of strong tax income. Government bodies tend to spend more in December in order to run down their allowance, putting extra pressure on finances.
- Spending excluding interest payments rose an annual 33% to 133.4 billion liras in December. The rise was driven by a 37% jump in current transfers, which includes payments to the social security system.
- Tax revenue rose 29% to 78.5 billion liras in December, compared with 60.6 billion liras a year earlier.
- Revenues rose 34% from a year earlier, indicating an increase in real terms when adjusted for consumer inflation of 14.6%.
Get More
- Turkey’s Treasury posted a cash budget deficit of 46.7 billion liras in December and a primary gap of 43.6 billion liras. Turkey posted a cash budget deficit of 181.8 billion liras in 2020.
- Turkey sees the ratio of budget deficit to gross domestic product at 4.3% in 2021, according to the government’s New Economic Program
Últimas Noticias
Debanhi Escobar: they secured the motel where she was found lifeless in a cistern
Members of the Specialized Prosecutor's Office in Nuevo León secured the Nueva Castilla Motel as part of the investigations into the case
The oldest person in the world died at the age of 119
Kane Tanaka lived in Japan. She was born six months earlier than George Orwell, the same year that the Wright brothers first flew, and Marie Curie became the first woman to win a Nobel Prize
Macabre find in CDMX: they left a body bagged and tied in a taxi
The body was left in the back seats of the car. It was covered with black bags and tied with industrial tape
The eagles of America will face Manchester City in a duel of legends. Here are the details
The top Mexican football champion will play a match with Pep Guardiola's squad in the Lone Star Cup
Why is it good to bring dogs out to know the world when they are puppies
A so-called protection against the spread of diseases threatens the integral development of dogs
