3/16/2011

Turkey posts budget surplus in January-February

Today’s Zaman - Turkey’s Ministry of Finance has announced a budget surplus of slightly less than TRY 1 billion (USD 630 million) in February. Finance Minister Mehmet Simsek said on Tuesday that for the first time in the last 28 years, there was a surplus in the state budget for the months of January and February.

According to the Finance Ministry's data, the state spent TRY 23.57 billion, or 5.7 percent less year-on-year in the past month, while it received TRY 24.56 billion in revenue, showing a budget surplus of TRY 988 million in February. When looking at the state budget performance for the last two months -- January and February -- the data show that budget expenditures totaled TRY 46 billion, while it took in a revenue of TRY 48 billion, making the two-month surplus TRY 2 billion.

Commenting on the figures, Minister Simsek said that the government is strictly adhering to fiscal discipline and has successfully reduced public expenditures, as can be observed in the budget figures.
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Turkey; turkish economy; mehmet simsek; turkish budget; budget surplus; minister of finance