Finance Turkey’s budget surplus hits $1.8bn on higher taxes By Pramod Kumar August 16, 2023, 5:31 AM Unsplash.com Turkey’s deficit stood at $8.13bn in June, seven times the deficit a year earlier Turkey has reported a budget surplus of $1.8 billion in July 2023 following the government’s move to increase taxes on certain goods. The country’s deficit stood at $8.13 billion in June, seven times the deficit a year earlier, Daily Sabah reported, citing official data. The government raised taxes on petrol and increased value added taxes (VAT) to boost revenues after spending rose due to the February earthquakes and May elections. Turkey’s exports to Saudi surge 627% as ties improve Turkey introduces 20% extra tariff on gold imports Turkey’s inflation rises to 48% after consumer prices jump Revenues in July increased 156 percent year on year to $18.63 billion, the treasury and finance ministry data showed. Expenditures jumped 74.7 percent to $16.84 billion. The primary surplus, which excludes interest payments, reached $3.19 billion. Turkey’s budget deficit reached $16.07 billion in the year’s first seven months. Inflation rose to 48 percent in July but had eased to 38.21 percent in June despite tax rises. It had jumped to a 25-year high above 85 percent last October. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
