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Türkiye's central government posted a ₺114.2 billion ($2.4 billion) budget surplus in June, returning to positive territory after three consecutive months of deficits as tax revenues jumped and overall government income outpaced spending.
Budget revenues rose 66% year-on-year to ₺1.5 trillion in June, outpacing a 12.6% increase in expenditures to ₺1.4 trillion. The primary balance, which excludes interest payments, posted a ₺315.8 billion surplus, according to the Ministry of Treasury and Finance's monthly budget report.
The June surplus reversed a ₺330.2 billion deficit recorded in the same month last year. The primary balance also shifted from a ₺54.5 billion deficit to a ₺315.8 billion surplus.
Tax revenues surged 72% to ₺1.32 trillion, driven by income tax revenues more than doubled to ₺502.1 billion, while domestic value-added tax (VAT) receipts rose 89.6% to ₺242.8 billion and VAT collected on imports increased 53.1% to ₺205.4 billion.
Special consumption tax (SCT) revenues were broadly unchanged at ₺163.6 billion due to the impact of the fuel tax buffer, as excise tax revenues from petroleum and natural gas products plunged 82.6% year-on-year to ₺7.5 billion in June.
The total cost of the fuel tax mechanism, reintroduced in March to cushion consumers from rising oil prices, reached approximately ₺98.5 billion between March and June, as excise tax revenues from petroleum and natural gas products fell 64.1% from a year earlier. The government plans to gradually phase out the mechanism by September.
On the spending side, non-interest expenditures rose 23.9% to ₺1.19 trillion. Interest payments, however, fell 26.9% year-on-year to ₺201.6 billion. Personnel spending climbed 40.3% to ₺389.5 billion, while spending on goods and services jumped 67.7% to ₺126.2 billion. Capital transfers nearly tripled, rising 198.9% to ₺23.4 billion.
Despite June's surplus, Türkiye's central government budget recorded a ₺942.8 billion deficit in the first six months of 2026, compared with a ₺980.5 billion deficit in the same period last year. The primary balance posted a ₺521.4 billion surplus, up from ₺131.0 billion a year earlier.
Between January and June, budget revenues increased 39.1% year-on-year to ₺7.79 trillion, reaching 47.9% of the full-year revenue target. Budget expenditures rose 32.7% to ₺8.73 trillion, accounting for 46.0% of the annual budget allocation, while tax revenues climbed 38.7% to ₺6.62 trillion, also reaching 47.9% of the year's target.
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