Turkey's budget sees $12.3B deficit in Jan.-Sept.

Tax revenues total $459.4B while interest payments amount to over $60B in first 9 months of 2018

Turkey's budget sees $12.3B deficit in Jan.-Sept.

Turkey's central government budget balance posted a deficit of 56.7 billion Turkish liras ($12.35 billion) from January to September, the Treasury and Finance Ministry announced on Monday.

The country's budget revenues totaled 546.8 billion Turkish liras ($119 billion) in the first nine months of this year, up nearly 20 percent year-on-year, data showed.

During the same period, budget expenditures rose 23.6 percent to 603.5 billion Turkish liras ($131.5 billion) -- marking a 56.7 billion Turkish lira ($12.35 billion) deficit.

The budget balance, excluding interest payments, saw a surplus of 3.7 billion Turkish liras ($800 million) from January to September. 

Official figures showed that tax revenues rose 19.2 percent to reach nearly 459.4 billion Turkish liras (around $100 billion), while interest payments were 60.4 billion Turkish liras ($13.2 billion) over the same period.