Turkey’s budget deficit increased by almost tenfold in 2023 when compared to 2022.
Turkey ran a record budget deficit of TRY 1.37 in 2023, a year the economy was hit by devastating earthquakes. According to the data released by Treasury and Finance Ministry, budget deficit was TRY 842.53 billion in December.
Primary deficit reached TRY 800 billion in December. Primary deficit for the whole 2023 was at TRY 700.4 billion.
In the medium term plan, 2023 budget was expected to run a deficit of TRY 1.63 trillion. It was predicted that the budget deficit would be at 6.4 percent of the GDP.
Central government budget ran a deficit of TRY 142.7 billion in 2023 and at 1 percent of GDP.