Türkiye records $552 million budget surplus in February

Revenues surge on strong tax performance

February saw budget revenues soar by 87.1 percent compared to the same month last year, reaching 1.14 trillion liras ($25.8 billion). This sharp rise was primarily fueled by tax revenues, which totaled 1.21 trillion liras ($27.38 billion) during the month. Meanwhile, budget expenditures increased at a more moderate pace of 28.6 percent year-on-year, amounting to 1.32 trillion liras ($29.87 billion). The expenditure figure includes interest payments totaling 183.69 billion liras ($4.15 billion).

Primary surplus highlights fiscal discipline

When excluding interest payments, Türkiye's budget performance appears even stronger, with the primary balance showing a surplus of 208.1 billion liras ($4.7 billion) in February. This metric, which measures the government's fiscal stance without the cost of past borrowing, indicates solid underlying budget discipline. The February surplus follows a challenging start to the year, with the January-February period overall recording a deficit of 190.17 billion liras ($4.3 billion).

Year-to-date deficit narrows

The February surplus has helped contain the cumulative deficit for the first two months of 2025. The Treasury and Finance Ministry's data reflects ongoing efforts to strengthen public finances while managing expenditure growth. The revenue surge, particularly in tax collection, demonstrates improved compliance and economic activity as Türkiye continues to implement its medium-term economic program focused on price stability and fiscal consolidation.