Türkiye’s budget deficit hits record high in 2024, still beats projections

Türkiye’s budget balance deficit reached an all-time high of ₺2.106 trillion ($59.349 billion) in 2024, however, it showed improvement as it remained ₺545.79 billion below the projected level of ₺2.651 trillion.

The central government budget expenditures for 2024 are at ₺10.777 trillion, with revenues at ₺8.670 trillion by a 60.4% annual increase, Türkiye’s Ministry of Treasury and Finance reported on Wednesday.

In December, the budget deficit stood at ₺829 billion, reaching ₺877.577 billion. During the same month, budget expenditures rose by 22.3%, amounting to ₺1.706 trillion.

Budget deficit nearly doubled in 2024

In a statement, the Ministry of Treasury and Finance highlighted the following:

• “The central government budget recorded a deficit of ₺1.380 trillion in the January-December period of 2023, whereas in the same period of 2024, the deficit increased to ₺2.106 trillion.
• In 2023, the primary deficit was ₺705.835 billion, while in 2024, it reached ₺835.690 billion.

• Central government budget expenditures for the January-December period amounted to ₺10.777 trillion. Interest expenses were recorded at ₺1.270 trillion, and non-interest expenditures were ₺9.506 trillion.
• Compared to the same period last year, central government budget expenditures increased by 63.6% in 2024, amounting to ₺10.777 trillion.
• Non-interest budget expenditures rose by 60.8% from the previous year, reaching ₺9.506 trillion.
• Central government budget revenues for the January-December period amounted to ₺8.670 trillion, with tax revenues at ₺7.304 trillion and non-tax revenues under the general budget at ₺1.134 trillion.”