FX.co ★ Turkey Budget Balance Shifts to Surplus

Turkey’s central government budget posted a surplus of TRY 24.4 billion in February 2026, a sharp turnaround from the TRY 310.1 billion deficit recorded in the same month a year earlier. Budget revenues jumped 87.1% year-on-year to TRY 1.35 trillion, buoyed by a 91.8% surge in tax collections to TRY 1.12 trillion. The tax performance reflected strong increases in corporate income tax, personal income tax, import VAT, and special consumption tax receipts.

On the expenditure side, total spending rose 28.6% to TRY 1.33 trillion, driven mainly by higher personnel expenditures, current transfers, and purchases of goods and services. Non-interest expenditures increased 28.2% to TRY 1.15 trillion, while interest payments climbed 31.5% to TRY 183.7 billion, underscoring rising debt-servicing costs.

Despite the expansion in spending, the primary balance recorded a surplus of TRY 208.1 billion, compared with a TRY 170.4 billion deficit a year earlier, as robust revenue growth more than offset the increase in expenditures.