Turkey posted a larger budget surplus in November as tax revenues increased sharply, the Treasury and Finance Ministry said.
The budget surplus totalled 13.4 billion liras ($1.7 billion), increasing by 73 percent from the same month of 2019, the ministry said on Tuesday. November is historically a month where the government collects a large amount of taxes.
Revenue rose by an annual 32 percent to 109.8 billion liras, rising faster than spending, which climbed by 28 percent to 96.3 billion liras. Both increases outpaced annual inflation of 14 percent.
Turkey is seeking to narrow a gaping budget deficit after a surge in spending earlier this year. That led the government to exceed its year-end goal with several months remaining. President Recep Tayyip Erdoğan appointed former deputy prime minister Lütfi Elvan to replace Treasury and Finance Minister Berat Albayrak in early November.
Tax revenue grew by 35 percent to 99.2 billion liras. Sales tax income jumped by 82 percent and special consumption tax revenue by 51 percent. Income tax rose by 9.1 percent.
The budget surplus for November reduced the deficit so far this year to 132.1 billion liras. The gap was 42 percent greater than during the first 11 months of 2019. The government’s year-end target is for a budget deficit of 138.9 billion liras