General government deficit reached 309.4 billion Turkish liras in 2022

While the ratio of the general government deficit to gross domestic product (GDP) was 2.1 percent last year, the general government deficit was estimated at 309 billion 422 million lira.

The Turkish Statistical Institute announced the “government accounts” data for 2022.

Consequently, the general government deficit was estimated last year at 309.422 million lira and its ratio to GDP increased to 2.1 percent. In 2021, the rate in question was 1.1 percent.

While the local government subsectors and social security institutions had a surplus last year, there was a deficit in the central government subsectors. The ratio of general government gross consolidated debt stock to GDP decreased to 31.7 percent in 2022.

THE SHARE OF EXPENSES DECREASED

While the total expenditure of the general government was 4 trillion 596 billion 707 million lira last year, the share of expenditures in GDP decreased to 30.6 percent.

While the total revenue of the general government increased to 4 trillion 287 billion 286 million lira, the share of revenue in GDP decreased to 28.6 percent.

Total revenue from taxes and social contributions reached 3 trillion 473 billion 992 million lira in 2022.

The share of taxes on production and imports in total tax and social contribution revenue increased from 45.3 percent in 2021 to 47.8 percent last year.

The proportion of current taxes on income and wealth was 28.8 percent, while the proportion of net social contributions decreased to 23.1 percent. The capital tax ratio increased to 0.3 percent. (AA)