Turkey Relieved Despite Budget Deficit Blowout of Almost 900%

Turkey’s budget deficit widened by nearly 900% in a year marked by a presidential election and a pair of devastating earthquakes, an outcome cheered by the government that was forecasting an even bigger fiscal shock.

The shortfall reached 1.4 trillion liras ($46.5 billion) in 2023 from 142.7 billion liras the previous year, according to figures published by the Treasury and Finance Ministry on Monday.