Turkey announces budgetary surplus for first time in 28 years

“This is the first time in 28 years that the budget had a surplus in the first nine months of the year,” Simsek told a press conference in Ankara.

Turkey’s finance minister announced on Tuesday budgetary surplus in the first nine months of 2011 around 234 million Turkish liras-TL (124.7 million USD).

Mehmet Simsek said the budget deficit was 21.3 billion TL (11.3 billion USD) between January and September 2011.

“This is the first time in 28 years that the budget had a surplus in the first nine months of the year,” Simsek told a press conference in Ankara.

Simsek said the primary surplus was up by two-folds year-on-year in the first nine months of 2011 and reached 35 billion TL (18.6 billion USD)

The minister forecast the year-end budget deficit around 22.2 billion TL (11.8 billion USD).

AA