- Non-tax revenues rise strongly y/y seemingly as CBT transfers TRY 35bn to Treasury as dividend and contingency reserves
- Tax revenues double y/y on low base, private consumption recovery, tax hikes and restructured debt payments
- Primary spending growth accelerates to 21.4% y/y due to security, pandemic-related spending, and guarantee payments
- Budget posts TRY 22.8bn surplus in Q1, suggesting space for new pandemic support measures, in our view
Macro Analysis /
TurkeyTurkey: Government budget improves sharply y/y to TRY 23.8bn surplus in March
Research Team
Research Team @ EmergingMarketWatch
15 April 2021

15 April 2021
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