Budget Balance - April 2026

In April, central government budget expenditures rose by 34.7% yoy to 1.5 trillion TRY, while budget revenues increased more moderately by 23.9% yoy to 1.2 trillion TRY. Thus, the central government budget deficit nearly doubled on an annual basis reaching 338.7 billion TRY in April. In this period, Treasury cash flows indicated a deficit of 251.2 billion TRY. Meanwhile, the primary budget balance, which had recorded a surplus in the first three months of the year, posted a deficit of 81.1 billion TRY in April.

The budget deficit, which amounted to 758.8 billion TRY in the January-April period, declined by 14.3% yoy. The primary budget balance, which posted a deficit of 160.9 billion TRY in the first four months of 2025, recorded a surplus of 374.9 billion TRY in the same period of this year.

In April, the budget deficit widened on an annual basis, partly due to the impact of the sliding-scale system on tax revenues. On the other hand, as interest expenses slowed down during this period, the cumulative budget deficit remains below the level recorded in the same period last year. As of the first four months of the year, the budget deficit accounted for 28% of the target for the full year 2026. The continued pressure on tax revenues from the sliding-scale system due to high oil prices, along with potential pressures on economic activity in the coming period, remain the most significant risk factors for the central government budget outlook.