Turkiye's budget deficit soars to $13.65 bn in Q1 2023

Compared to January-March 2022, the budget expenditures rose substantially by 57 per cent to reach 1.06 trillion liras ($55.7 billion) during the same period, said local media reports quoting the ministry.

The treasury and finance ministry also reported that the budget earned 3.2 billion liras ($169 million) from privatisation activities during the first quarter. During the three-month period, the primary balance, which does not take into account interest payments, amounted to a negative 172.68 billion liras ($9.1 billion).

In March alone, Turkiye’s budget deficit stood at 32 billion liras ($1.68 billion), adding to the country’s ongoing economic challenges. The USD/TRY exchange rate averaged at 18.9 in the first quarter, and was at 19 specifically in March, as per central bank data.

ALCHEMPro News Desk (NB)