Budget Balance - February 2026

In February, central government budget revenues rose by 87.1% compared to the same month of last year to 1.4 trillion TRY, while budget expenditures increased by 28.6% yoy to 1.3 trillion TRY. Thus, the central government budget, which recorded a deficit of 310.1 billion TRY in February 2025, posted a surplus of 24.4 billion TRY in the same month this year. During the same period, the Treasury cash balance had recorded a deficit of 92.4 billion TRY. Following January, the primary budget balance continued to post a surplus with 208.1 billion TRY. Consequently, in the first two months of 2026, the budget deficit narrowed by 58% yoy to 190.2 billion TRY, while the primary surplus reached 449.9 billion TRY.

In February, the central government budget presented a positive outlook, thanks to the strong rise in budget revenues compared to the moderate increase in budget expenditures. However, increases in major expenditure items generally exceeded inflation, and the factor limiting budget expenditures was the annual decline in investment items. The reintroduction of the sliding scale system at the beginning of March implemented as a precaution against the rise in energy prices amid geopolitical concerns, is expected to put pressure on tax revenues in the coming period. The pace of domestic economic activity also continues to be significant for the budget outlook.