In May 2024, Turkey records its largest monthly budget surplus at 219 billion liras ($6.7bn) due to increased tax revenue and spending cuts.
Turkey's government posted its largest monthly budget surplus on record in May 2024, at 219 billion liras ($6.7 billion). This marks a sharp shift from five consecutive months of deficit, as the country's fiscal policy turns towards repairing public finances to complement monetary policies aimed at reducing inflation. This change is attributed to increased tax revenue and spending cuts, with new plans, including a minimum tax on companies, expected to be ratified.
June 20, 2024
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