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Türkiye’s central government budget recorded a deficit of ₺223.2 billion ($5.27 billion) in October and ₺1.44 trillion ($34.01 billion) in the ten months of the year, according to data released by the Treasury and Finance Ministry on Monday.
According to the figures, the government used 78.7% of its full-year expenditure allowance of ₺14.73 trillion in the January–October period.
Budget revenues in October increased by 49.1% from the same month last year, reaching ₺1.147 trillion.
Tax revenues, which form the largest portion of income, rose by 51.6% to ₺976 billion, supported by strong performances in income tax and consumption-based levies.
Expenditures, however, climbed by 43.4% year-on-year to ₺1.370 trillion. Notably, interest payments for the month amounted to ₺65.8 billion, while non-interest expenditures surged 48% to ₺1.213 trillion.
Personnel expenses, which make up a significant portion of current spending, rose by 37.8% year-on-year in October to ₺332.8 billion. Meanwhile, spending on goods and services rose 59% to ₺100.3 billion, reflecting higher procurement costs.
Over the 10 months, total expenditures reached ₺11.59 trillion, up 42.9% compared to the same period last year. Budget revenues for the same stretch totaled ₺10.15 trillion, representing a 48.1% increase.
Within the tax base, income tax collections soared by 90% annually in October. Revenues from domestic value-added tax (VAT) rose 52.3%, while VAT on imports increased by 33.1%. Excise taxes climbed 33.9%, and stamp duties rose 51.2%.
However, corporate tax collections fell by 38.4%, reflecting potential timing or base effects.
Non-tax revenues in the general budget increased by 28.3% to ₺136.6 billion.
Local brokerage OYAK Investment attributed the strong revenue performance to robust income tax collections. On the expenditure side, analysts pointed to elevated procurement spending and declining customs revenues as key contributors to the increase.
In the Medium-Term Program announced in September, the government projected the 2025 central budget deficit to reach ₺2.1 trillion, equivalent to 3.6% of gross domestic product.
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