EU report praises Turkey's budgetary performance in 2010

Turkey has posted a budget deficit equivalent to 3.6 percent of gross domestic product in 2010, below a target of 4 percent of GDP.

EU report praises Turkey's budgetary performance in 2010

Turkey has achieved "a much better than expected" budgetary performance in 2010, the European Commission has said in an economic report on candidate and potential candidate countries.

"Budgetary performance in 2010 in Turkey proved much better than expected particulary with a strong recovery in domestic demand that backed indirect taxes significantly," the report has said.

Turkey has posted a budget deficit equivalent to 3.6 percent of gross domestic product in 2010, below a target of 4 percent of GDP.

The report highlighted a strong 37 percent surge in tax revenues which boldly opposed a 15 percent increase in public expenses, which had led Turkey to triple its primary surplus while cutting its budget deficit in half.

EU Commission estimates that the average deficit-to-GDP ratio in 27-member Union stands around 6.8 percent with figures higher than the average in countries such as Ireland with 32.3 percent, Britain with 10.5 percent, Greece with 9.6 percent, Spain with 9.3 percent, Poland with 7.9 percent, France with 7.7 percent, Romania and Portugal with 7.3 percent each, Italy with 5 percent, and Germany with 3.7 percent.

According to the European Commission data Turkey's gross government debt to GDP ratio stands at 43 percent, 17 points below than the Maastricht criteria which does not allow gross government debt to GDP ratios of Euro-zone countries exceed 60%.

The commission says EU average in gross government debt to GDP ratio reaches as high as 79 percent. The figure in Greece is 140.2 percent, it is 118.9 percent in Italy, 98.6 percent in Belgium, 97.4 percent in Ireland, 83 percent percent in France and Portugal each, 77.8 percent in Britain, and it is 75.7 percent in Germany.


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Last Mod: 18 Ocak 2011, 14:45
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