The central government budget posted a deficit of 83.25 billion Turkish Liras ($4.5 billion) of deficit in October.
Revenues amounted to 224 billion liras last month, pointing to a 97 percent increase from October 2021, data from the Treasury and Finance Ministry showed on Nov. 15.
Tax revenues rose more than 90 percent year-on-year to 182 billion liras. Expenditures, on the other hand, grew nearly 134 percent on an annual basis to 307.4 billion liras, with non-interest expenditures rising 110 percent to 247 billion liras.
Interest expenditures were 61.1 billion liras in October, up 328 percent compared with the same month of 2021.
Consequently, the central government budget produced a primary deficit of 22.1 billion liras versus a primary deficit of 3.1 billion liras in October last year.
The central government budget deficit widened from 78.5 billion liras in January-October 2021 to 128.8 billion in the first 10 months of 2022.
Revenues were up more than 99 percent on an annual basis to 2.2 trillion liras, with tax collection increasing 102 percent year-on-year to 1.83 trillion liras.
Overall expenditures amounted to 2.33 trillion liras in January-October, up 97 percent from a year ago. Non-interest expenditures rose 101 percent, while interest expenditures climbed 71.3 percent to 268 billion liras.
The primary surplus grew nearly 79 percent from January-October 2021 to stand at 139.5 billion liras.
In its latest Medium-Term Program, the government forecasts that the budget deficit will be 659 billion liras, or 3.5 percent of the estimated GDP,next year. The government expects the deficit to shrink to 583 billion liras, or 2.5 percent of GDP, in 2024.