Turkey's budget posts $13B deficit in Jan-Oct

Turkey's central government budget balance recorded a deficit of 62.1 billion Turkish liras ($13 billion) in the first 10 months of 2018, the Treasury and Finance Ministry revealed on Thursday.

The country's budget revenues totaled 609 billion Turkish liras ($126.9 billion) from January to October, up nearly 20 percent from the same period last year, the ministry said in a statement.

During the same period, budget expenditures rose 23.3 percent to 671.1 billion Turkish liras ($140 billion) -- marking a 62.1 billion Turkish liras ($13 billion) deficit.

The budget balance, excluding interest payments, saw a surplus of 2.5 billion Turkish liras ($521 million) from January to October.

Official figures showed that tax revenues rose nearly 18 percent to reach nearly 507.9 billion Turkish liras (around $105.8 billion), while interest payments were 64.6 billion Turkish liras ($13.5 billion) in the same period.

In October, the budget balance also saw a deficit of 5.4 billion Turkish liras ($931 million).

Turkey's budget revenues totaled 62.1 billion Turkish liras ($10.7 billion) last month, up 17.6 percent on a yearly basis.

Budget expenditures in October were 67.5 billion Turkish liras ($11.6 billion), a rise of 20.2 percent annually.

Excluding interest payments, the central government budget balance saw a surplus of 197 million Turkish liras ($34 million) last month.

The average U.S. dollar/Turkish lira exchange rate in October was 5.80, while one dollar traded for 4.80 liras on average in the first 10 months of 2018.