Turkey's budget deficit widened by nearly 900 percent in 2023 to 1.4 trillion liras ($46.5 billion), according to data from the Treasury and Finance Ministry.
Despite the rise, the government welcomed the figures, which came in below expectations after a difficult year of presidential elections and two devastating earthquakes, with the government projecting a deficit of 1.6 trillion liras or about 6.4 percent of GDP.
Tax revenues have offset some of the rise in spending over the past year, with the government raising fuel taxes by about 200 percent in July to finance earthquake damage and raising several different value-added tax rates.
Source (Al-Arabiya.net Website, Edited)
