Turkish budget deficit down in Q1 2011 by 63.6 pc YoY

Turkey's budget deficit was down to 4.1 billion Turkish liras (TL) in Q1 2011, that marked a 63.6 percent drop YoY, the country's finance minister has said. Deficit in Q1 2010 was 11.3 billion TL.

Budget deficit increased in March 2011 by 2.8 percent to 6.1 billion TL when compared to the same period a year earlier, Mehmet Simsek told reporters in a press conference in Ankara on economy's Q1 performance this year.

Simsek said budgetary revenues were up 20.5 percent to some 68.7 billion TL as expenses dropped by 6.6 percent to 72.9 billion TL.

"This is indeed a very strong budgetary performance, which affirms that the government had made no concessions on budgetary discipline even in the election year," Simsek said.

Turkey is set vote in general elections on June 12.

Simsek said non-interest deficits increased to 2.1 billion TL in March 2011 from 1.6 billion TL in March 2010 whereas primary surplus in Q1 was up 2.7 times over same period last year from 3.7 billion TL to 9.8 billion TL.

Simsek said tax revenues in Q1 covered 97.6 percent of non-interest expenses, adding that the figure was 89.8 percent in Q1 2010.

Simsek said tax revenues in Q1 were up by 1.9 percent to total 57.5 billion as non-interest expenses reached 58.9 billion TL with a 10.3 percent increase.


/World Bulletin/