Budget deficit misses target

"The government’s end-2002 primary surplus target of TL 15,800 trillion does not seem to us as within reach, due especially to higher-than-expected tax rebates and social security expenditures," investment firm HC Istanbul economist Baturalp Candemir commented.
Government officials have recently said social security expenditures will reach TL 10,000 trillion by the end of 2002. The government’s initial target was TL 7.9 trillion, already reached in September 2002.
According to Finance Ministry data released yesterday, consolidated expenditures amounted to TL 99,499 trillion in the first eleven months, including TL 46,813 trillion in interest payments and TL 52,686 trillion non-interest spending.
Revenues amounted to TL 69,780 trillion including tax receipts of TL 54,023 trillion.