Budget Balance - August 2026

In August, central government budget revenues increased by 28.5% yoy to 1,655 billion TRY, while budget expenditures rose by 37.8% to 1,642 billion TRY. Accordingly, the central government budget posted a surplus of 12.9 billion TRY, while the primary balance recorded a surplus of 209.9 billion TRY.

In the January–August period, the budget deficit increased by 44.1% compared to the same period of last year and became 1.3 trillion TRY, while the primary surplus rose by 31.2% to 680 billion TRY.

In August, the central government budget posted a modest surplus, supported by provisional tax collections and the slowdown in interest expenditures. In the Medium Term Program announced on September 6, budget deficit target for the end of 2026 was revised down from 2.7 trillion TRY to 2.6 trillion TRY, and as a percentage of GDP, from 3.5% to 3.1%. Within this framework, the cumulative budget deficit of 1.3 trillion TRY recorded in the first eight months of the year corresponded to 49.7% of the target set in the MTP for the whole year. The course of energy prices will remain important for tax revenues, given the regulations concerning SCT revenues collected on fuel products. In the remainder of the year, the impact of domestic economic activity on tax collections will also be a key determinant of the budget outlook.