FX.co ★ Turkey's Budget Deficit Widens in October

In October 2025, Turkey's government budget recorded a deficit of TRY 223.2 billion, up from TRY 186.3 billion in the same month the previous year. Total budget expenditures saw a 43.4% increase year-over-year, reaching TRY 1.37 trillion. This was fueled by a significant rise in non-interest spending, which climbed by 48% to TRY 1.21 trillion. Meanwhile, interest payments grew by 15.6% to reach TRY 157.4 billion. Budget revenues experienced a 49.1% increase from the previous year, amounting to TRY 1.15 trillion, bolstered by a 51.6% surge in tax receipts, totaling TRY 976 billion. This growth was largely driven by substantial increases in income tax, domestic value-added tax (VAT), and taxes on banking and insurance transactions. The country's primary balance shifted to a deficit of TRY 65.8 billion in October 2025, compared to a deficit of TRY 50.1 billion in the previous year.