FX.co ★ Turkey Budget Surplus Narrows in August

Turkey’s central government budget recorded a surplus of TRY 12.9 billion in August 2026, a sharp decline from the TRY 96.7 billion surplus registered in the same month a year earlier. Total expenditures rose 37.8% year-on-year to TRY 1.6 trillion, driven by higher outlays on current transfers (+39.0%), personnel expenses (+42.0%), social security contributions (+47.9%), purchases of goods and services (+32.6%), and capital expenditures (+17.3%).

Non-interest expenditures increased 42.8% to TRY 1.4 trillion, while interest payments were up 9.7% to TRY 197.1 billion. On the revenue side, total receipts climbed 28.5% year-on-year to TRY 1.7 trillion, supported by a 28.1% rise in tax revenues to TRY 1.5 trillion. All major tax categories—income tax, corporate income tax, domestic VAT, and import VAT—posted robust gains.

Consequently, the primary surplus narrowed to TRY 209.9 billion, down from TRY 276.4 billion in the same period a year earlier.