Budget surplus hits YTL 1.9 billion in first half
Posted by meb at July 11th, 2008
The central government achieved a budget surplus of YTL 1.9 billion in the first half of 2008, the Ministry of Finance announced yesterday in a written statement.
In the first half of the year, the government spent YTL 100.6 billion, whereas it took in YTL 102.5 billion in revenue. In comparison, the first half of 2007 saw the government budget in the red, with a deficit of YTL 5.89 billion. Thus this year’s figure represents a radical improvement in just one year. The main reason for the poor budget performance last year was the government’s increase in public spending on the eve of the July 22 general elections.
The budget saw a YTL 2 billion deficit until June, but June performance resulted in a YTL 3.9 billion surplus. Last month, the government’s expenditures amounted to YTL 14.57 billion, YTL 1.14 billion of which went for the primary surplus. Revenue for the sixth-month period, however, totaled YTL 18.5 billion. June was also a good month in terms of tax collection, the Finance Ministry figures revealed, as YTL 12.69 billion flowed into state coffers from taxes. Comparatively, in June of 2007, there was a deficit of YTL 2.54 billion.
In the first six months of the year, the interest payments for external and domestic debt declined by 22.9 percent over the same period last year, falling to YTL 20.74 billion. Transfer payments to public workers increased by 11.5 percent, amounting to YTL 24.5 billion. Another YTL 3 billion was spent as premium payments to social security institutions for public workers, which represents a 12 percent increase over the same period of 2007.
Public procurement, which was YTL 8.3 billion in the first half of the previous year, climbed by 9.7 percent this year, reaching YTL 9.16 billion. Meanwhile, expenditures for public health services decreased by 3.8 percent to YTL 3.1 billion. The transfers from the budget for health services, pensions for retirees and social aid totaled YTL 17.6 billion. As part of this expenditure item, YTL 13.43 billion was spent to cover the deficits recorded by the Social Security Institution (SGK).
source: Today’s Zaman
Related posts: