Turkey’s central government budget surplus narrowed to 12.9 billion lira in August

⑴ Turkey's August central government budget surplus was 12.9 billion lira, a significant narrowing compared to 96.7 billion lira in the same period last year. ⑵ Total expenditures increased by 37.8% year-on-year to 1.6 trillion lira, driven by growth in current transfers (+39.0%), personnel costs (+42.0%), social security contributions (+47.9%), procurement of goods and services (+32.6%), and capital expenditures (+17.3%). ⑶ Non-interest expenditures rose by 42.8% to 1.4 trillion lira, while interest payments increased by 9.7% to 197.1 billion lira. ⑷ Revenues grew by 28.5% year-on-year to 1.7 trillion lira, with tax revenues up 28.1% to 1.5 trillion lira. There was strong growth in personal income tax, corporate income tax, domestic VAT, and import VAT. ⑸ The primary surplus narrowed to 209.9 billion lira from 276.4 billion lira in the same period last year.