Budget Balance - March 2026

In March, central government budget revenues rose by 60.6% yoy to 1.2 trillion TRY, while budget expenditures increased relatively more modest by 42.1% yoy, reaching 1.5 trillion TRY. Consequently, the central government budget deficit decreased by 12.1% yoy in March, standing at 229.9 billion TRY. During the same period, the Treasury cash deficit was 279.6 billion TRY. In March, the primary budget balance recorded a surplus of 6.1 billion TRY. In the first quarter of the year the budget deficit, which stood at 420 billion TRY, decreased by 40.9% compared to the same period last year, while the primary budget balance, which had recorded a deficit of 246.9 billion TRY in the same period of 2025, posted a surplus of 456 billion TRY.

In March, despite the sliding-scale system and high interest expenses, the budget deficit narrowed by 12.1% yoy as budget revenues grew at a faster pace than expenditures, presenting a relatively positive outlook. As of the first quarter, the budget deficit also accounted for 15.5% of the 2026 annual budget target. On the other hand, the persistence of high oil prices and the potential pressure on economic activity stand out as the most significant risk factors for the central government budget in the coming period.