Turkish central government budget posts $3.9 billion surplus in November

Türkiye's central government budget registered a significant monthly surplus of 169.5 billion Turkish liras ($3.9 billion) in November, according to data released by the Treasury and Finance Ministry. This positive performance marks a sharp turnaround from the $5.2 billion deficit recorded in October, driven by robust growth in revenues.

Strong revenue growth drives monthly performance

Budget revenues for November reached $33.2 billion, representing a substantial 51.2% increase compared to the same month last year. Expenditures also rose but at a slower pace of 30.7%, totaling $29.2 billion. Within spending, non-interest expenditures were $26.4 billion, while interest payments accounted for $2.7 billion. Tax revenues formed the backbone of income, contributing $29.7 billion for the month.

Cumulative deficit for the first 11 months of 2025

For the January-November period, the budget balance showed a cumulative deficit of $29.7 billion, a marginal increase of 0.5% year-on-year. During these eleven months, cumulative revenues rose 48.5% to $271.1 billion, while cumulative expenditures increased 41.6% to $299.7 billion. The data reflects the ongoing fiscal dynamics under the government's economic program.

Currency and economic context

The average US dollar exchange rate was 42.28 liras in November and 39.25 liras for the January-November period, providing context for the dollar-denominated figures. The monthly surplus indicates a period of improved fiscal discipline and strong revenue collection, contributing to macroeconomic stability targets as the year concludes.