Turkey sees $1.7bn deficit in October

Turkey’s central government budget balance saw a deficit of 17.4 billion Turkish liras ($1.7 billion) in October, the Treasury and Finance Ministry announced today.

This was up from 4.9 billion Turkish liras ($490 million) in the same month last year.

Turkey’s budget revenues increased by 22.9 per cent year-on-year to 114 billion liras ($11.4 billion) in October.

The country’s budget expenditures totaled 131.4 billion liras ($13.1 billion), up 34.6 per cent from a year ago.

Earlier this month, the European Bank for Reconstruction and Development predicted Turkey’s economy will grow by nine per cent this year, buoyed by a revival in exports and tourism. It warned, however, that the central bank’s “confusing” policy approach and high inflation could yet harm the recovery, Reuters reported.

The lira has shed more than 20% against the dollar this year, with more than half of the losses since September.

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