(Bloomberg) -- Turkey ran a budget surplus in November, usually a period of strong tax income, after being in deficit for two months.

The central government posted a monthly budgetary surplus of of 13.4 billion liras ($1.7 billion), lowering the deficit for the year to 132.1 billion liras, according to data published by the Treasury and Finance Ministry on Tuesday. That compares with a deficit of 92.9 billion liras in the first 11 months of 2019.

Key Insights

• Spending excluding interest payments rose an annual 28% to 86.8 billion liras. The increase was partly driven by a 33% annual rise in current transfers.
• Revenue rose 32% from a year earlier, indicating an increase in real terms when adjusted for consumer inflation of 14%.

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• Turkey sees the ratio of budget deficit to gross domestic product at 4.9% in 2020 and 4.3% in 2021, according to the government’s New Economic Program
• Turkey’s Treasury posted a cash budget surplus of 12.5 billion liras in November and a primary surplus of 21.2 billion liras. The headline cash budget deficit reached 135.1 billion liras in the first 11 months of the year.

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