Reklam
Vakıf Katılım
Tarih : 2020-08-17 15:41:00

The budget posts a deficit of 29.7 billion TRY in July

According to the July budget data announced by the Ministry of Treasury and Finance; The budget balance, which had a deficit of 19.4 billion TRY in June 2020, had a deficit of 29.7 billion TRY in July 2020. The budget had a surplus of 9.9 billion TRY in the same period last year. As stated in the Monthly Budget Realization Report, the primary surplus, which was 17.6 billion TRY in July 2019, was 21.2 billion TRY primary deficit in July 2020. While budget revenues decreased by 7.4% between July 2019 and July 2020, it was 86.5 billion TRY, while budget expenditures increased by 39.1% in the same period and reached 116.2 billion TRY. In the same period, tax revenues increased by 30.3% and reached TRY 76 billion, despite the government's postponement of corporate tax and income tax collections, within the framework of the normalization of the economy and the increase in domestic demand. Budget expenditures, excluding interest, increased by 42.2% to TRY 107.8 billion due to the economic measures and incentives put in place to reduce the damage of the pandemic to businesses and individuals.

 

When we look at the 2020 cumulative data; In the January - July period, it was observed that the budget had a deficit of 139.1 billion TRY. It is seen that the budget, which had a deficit of 68.7 billion TRY in the 7-month period of the previous year, displayed a more negative image compared to the previous year. While 10.2 billion TRY primary deficit was realized in January - July 2019, this year 59.4 billion TRY primary deficit was realized. Budget revenues increased by 9.2% between January - July 2019 and January - July 2020 to 541.9 billion TRY, while budget expenditures increased by 20.5% to 681.1 billion TRY in the same period. In the same period, the increase in tax revenues was realized as 12.5% ​​and reached 412 billion TRY. Non-interest budget expenditures increased by 18.7% and reached 601.4 billion TRY.

 

Although the effects of the pandemic are still valid, as of July; due to the normalization steps in the economy and the strengthening in domestic demand, tax revenues increased, while the increased government expenditures due to extended economic incentives and aids are effective in the budget deficit. In the process of controlling the epidemic, the expectation that these economic incentives will continue and the domestic demand will be suppressed again with the increase in interest rates in the domestic market may be effective in the growth of the budget deficit. Along with the second wave concerns about the epidemic, the uncertainty of how long the incentives can be extended according to the situation and demand of the enterprises makes the duration of the spending increase effect on the budget uncertain.

 


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