15.12.202508:12:00UTC+00Turkey's Budget Shifts to Surplus in November

In November 2025, Turkey's central government's budget reported a surplus of TRY 169.5 billion, marking a reversal from the TRY 16.6 billion deficit observed in the same month of the previous year. The total budget expenditures experienced a year-on-year increase of 30.7%, reaching TRY 1.25 trillion. This surge was largely driven by a significant rise in non-interest spending, which escalated by 39.8% to TRY 1.13 trillion, while interest payments saw a reduction of 19.4% to TRY 117.9 billion. Concurrently, budget revenues increased by 51.1% to TRY 1.42 trillion. This growth was buoyed by a 55.3% increase in tax revenues, which climbed to TRY 1.27 trillion, fueled by robust growth in income tax, corporate tax, domestic VAT, and banking and insurance transaction taxes. Additionally, the primary balance experienced reinforcement, with a surplus of TRY 287.4 billion recorded in November 2025, compared to TRY 129.7 billion in the previous year.