The 9-month budget deficit has exceeded 1 trillion TL.

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The Ministry of Treasury and Finance announced the budget realization report for September. Accordingly, central government budget expenditures in September 2023 were 570 billion 482 million lira, while in the same month of this year, they increased by 63.4% to 932 billion 68 million lira. Thus, 8.4% of the 11 trillion 89 billion 37 million lira allocation projected for central government budget expenditures in 2024 has been utilized.

NON-INTEREST BALANCE DECLINED, PERSONNEL EXPENSES INCREASED

The non-interest balance recorded a deficit of 58 billion 454 million lira in September last year, while in the same month of this year, it realized a surplus of 48 billion 213 million lira. Non-interest budget expenditures increased by 56.8% compared to the same month of last year, reaching 783 billion 390 million lira. The realization rate of non-interest expenditures against the budget allocations was calculated as 10.1% in the same month of 2023, while it was 8% last month. In September, personnel expenses increased by 82.5% compared to the same month of last year, reaching 245 billion 204 million lira. 9.6% of the 2 trillion 553 billion 495 million lira allocation projected for personnel expenses was utilized. State premium expenditures for social security institutions increased by 75.5% in September compared to the same month of last year, reaching 30 billion 458 million lira, and 9.7% of the 312 billion 451 million lira allocation in the budget was utilized.

ANNUAL INCREASE OF 110.1% IN INTEREST EXPENDITURES

During the mentioned period, 10% of the 679 billion 766 million lira allocation projected for goods and services procurement expenditures was spent. In September, goods and services procurement expenditures amounted to 68 billion 256 million lira, with an increase of 62.7%. Current transfers in September increased by 56.9% compared to the same month of last year, reaching 332 billion 578 million lira. 7.8% of the 4 trillion 266 billion 709 million lira allocation in the budget was utilized. In September, capital expenditures amounted to 84 billion 265 million lira, while capital transfers were calculated at 6 billion 930 million lira. Lending expenditures reached 15 billion 700 million lira. Interest expenditures reached 148 billion 678 million lira, with an increase of 110.1% compared to the same month of last year.

BUDGET REVENUES INCREASED BY 88.5% IN THE LAST YEAR

Central government budget revenues were 441 billion 265 million lira in September last year, while last month they increased by 88.5% to 831 billion 603 million lira. According to the budget forecast, the realization rate of budget revenues in September 2023 was 9%, while it was 9.9% last month. Tax revenue collection increased by 89.6% compared to September 2023, reaching 732 billion 244 million lira. The realization rate of tax revenues against the budget forecast was 9% in 2023, while it was calculated as 9.9% last month. General budget non-tax revenues increased by 79.4% to 83 billion 616 million lira. The own revenues of special budget administrations were recorded as 12 billion 930 million lira, and the revenues of regulatory and supervisory institutions were recorded as 2 billion 813 million lira. In terms of tax types, in September, compared to the same month of last year, income tax increased by 119%, corporate tax by 1056.5%, value-added tax collected domestically by 62.4%, special consumption tax by 28.7%, bank and insurance transaction tax by 136.4%, value-added tax collected from imports by 18.4%, stamp tax by 84.9%, fees by 52.6%, and other tax collections increased by 14.2%.

JANUARY - SEPTEMBER PERIOD REALIZATIONS

Central government budget expenditures in the January-September 2023 period were 3 trillion 952 billion 585 million lira, while in the same period of this year, they increased by 81.1% to 7 trillion 158 billion 637 million lira. Thus, 64.6% of the 11 trillion 89 billion 37 million lira allocation projected for central government budget expenditures in 2024 has been utilized. Non-interest budget expenditures increased by 79.4% compared to the same period of last year, reaching 6 trillion 245 billion 951 million lira. The realization rate of non-interest expenditures against the budget allocations was calculated as 63.5%. Personnel expenditures in this period increased by 108.8% to 2 trillion 6 billion 736 million lira, while 78.6% of the 2 trillion 553 billion 495 million lira allocation projected for personnel expenditures was utilized.

STATE PREMIUM EXPENDITURES ALSO INCREASED

State premium expenditures for social security institutions increased by 80% in this period compared to the same period of last year, reaching 246 billion 567 million lira, and 78.9% of the 312 billion 451 million lira allocation in the budget was spent. In the January-September period, 66.9% of the 679 billion 766 million lira allocation projected for goods and services procurement expenditures was utilized. During this period, goods and services procurement expenditures amounted to 454 billion 468 million lira, with an increase of 65.9%. Current transfers increased by 68.7% to 2 trillion 740 billion 330 million lira. 64.2% of the 4 trillion 266 billion 709 million lira allocation in the budget was spent. During this period, 532 billion 861 million lira was spent on capital expenditures, and 52 billion 485 million lira was spent on capital transfers. Lending expenditures were calculated at 212 billion 504 million lira.

NEARLY 100% INCREASE IN INTEREST EXPENDITURES

Interest expenditures increased by 93.8% to 912 billion 686 million lira. Central government budget revenues were 3 trillion 439 billion 983 million lira in the January-September period of last year, while in the same period of this year, they increased by 76.9% to 6 trillion 84 billion 619 million lira. According to the budget forecast, the realization rate of budget revenues in the January-September period was 69.8% in 2023, while it increased to 72.1% in the same period of this year. Tax revenue collection in this period increased by 72.2% compared to the January-September period of last year, reaching 5 trillion 134 billion 59 million lira. The realization rate of tax revenues against the budget forecast was recorded as 69.3%. General budget non-tax revenues also increased by 107.1% to 793 billion 429 million lira. The own revenues of special budget administrations were calculated as 123 billion 36 million lira, and the revenues of regulatory and supervisory institutions were calculated as 34 billion 95 million lira. In terms of tax types, in the January-September period, compared to the same period of last year, income tax increased by 119.9%, corporate tax by 37.7%, value-added tax collected domestically by 103.2%, special consumption tax by 63.3%, bank and insurance transaction tax by 177%, value-added tax collected from imports by 50.7%, stamp tax by 77.8%, fees by 51.9%, and other tax revenues increased by 51.5%.