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Turkey’s central government recorded a budget deficit of TRY 298.2 billion in May 2026, reversing from a surplus of TRY 235.2 billion in the same month of the previous year. Total expenditures rose 27.0% year-on-year to TRY 1.38 trillion, driven by sharp increases in personnel expenses (+48.1%), social security contributions (+52.6%), as well as higher current transfers, capital spending, and purchases of goods and services. Non-interest expenditures climbed 28.3% to TRY 1.26 trillion, while interest payments increased 16.0% to TRY 128.9 billion.
On the revenue side, total inflows declined 18.0% to TRY 1.09 trillion, pressured by a 22.1% fall in tax revenues to TRY 931.5 billion. The drop was broad-based across major tax categories, including income tax, value-added tax (VAT), and special consumption tax, although these weaknesses were partially offset by higher banking and insurance transaction taxes and customs-related receipts. Consequently, the primary balance swung from a surplus of TRY 346.4 billion in May 2025 to a deficit of TRY 169.3 billion in May 2026.
