Core Insights - Turkey's central government budget deficit for 2025 is projected at 1.8 trillion lira (approximately 45.5 billion USD) with a primary budget surplus of 255.3 billion lira, marking the first primary surplus since 2022 [1] Group 1: Budget Overview - In 2025, Turkey's central government budget expenditures are expected to increase by 35.7% year-on-year, reaching 14.63 trillion lira [1] - Interest expenditures are projected to be 2.05 trillion lira, showing a significant year-on-year increase of 61.7% [1] - Excluding interest payments, total fiscal expenditures are estimated at 12.58 trillion lira, reflecting a year-on-year growth of 32.3% [1] Group 2: Revenue Performance - Budget revenues are anticipated to grow by 48% year-on-year, totaling 12.83 trillion lira, achieving 100.3% of the annual target [1] - Tax revenue increased by 51.3% year-on-year, reaching 11.05 trillion lira, which constitutes 86.1% of total fiscal revenue and meets 99.2% of the annual target [1] - Specific tax contributions include 4.28 trillion lira from value-added tax, 4.03 trillion lira from personal and corporate income tax, and 2.02 trillion lira from special consumption tax [1] - Other income sources, including interest income, fines, and revenue sharing, grew by approximately 36.3% to 1.08 trillion lira [1]