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Budget deficit soars to TL 52.2 bln in 2009, Şimşek announces
Finance Minister Mehmet Şimşek announced the budget results for 2009 at a press conference on Friday. According to the results, expenditures amounted to TL 267.3 billion in 2009, while budget revenue was TL 215.1 billion, giving a budget deficit of TL 52.2 billion for the whole year. The budget deficit was only TL 17.4 billion in 2008, one-third of the 2009 figure. In the same period, primary expenses totaled TL 214.1 billion.
In an assessment of the figures, Şimşek noted that the budget deficit was well below the MTEP's predicted amount of TL 62 billion. “The budget deficit totaled nearly TL 10 billion less than the figure anticipated in the program, which is equivalent of some 1.1 percent of gross domestic product [GDP]. 2009 saw a budget deficit equivalent of 5.5 percent of GDP, while the expectation was about 6.6 percent.”
Şimşek, speaking on budget performance in December, noted that the budget figures for the last few months were better than anticipated but that December numbers in particular were better than forecast. According to data cited by the minister, the last month of the year saw TL 27.7 billion in expenses, while revenue was TL 21.9 billion, giving a budget deficit of TL 5.9 billion. Primary expenses totaled TL 4.8 billion in this month, he added.
Touching on difficulties the economy had experienced during the 2009 crisis, he said: “Turkey was neither in need of foreign support nor did it experience a serious problem in its banking industry. We have managed to extinguish the fires with our own measures thus far and are committed to continuing to address possible future problems again with the same policies.”
Recalling that the country’s credit rating was recently upgraded by two of world’s leading rating agencies, the minister asserted that this proved foreign investors continue to have faith in the future of the Turkish economy.
Şimşek said the government expected the economy to continue growth starting from this year, while the Organization for Economic Cooperation and Development (OECD) recently predicted Turkey would this year see the world’s second-highest growth rate after South Korea. Şimşek said a “strong” banking sector could be the driving force behind the country’s economy in 2010 and beyond. He noted that despite the adversity experienced as a result of the 2009 global credit crunch that which continues to plague markets, the government is maintaining its hope for a leap forward in the economy this year.
The minister said the government, so as to keep economic problems at bay in 2010, has taken the necessary measures in advance, adding: “We will continue to closely monitor developments in global markets. We may need to take extra steps in line with the change of course in the international arena. The government, the minister emphasized, is concentrating on taking further steps to make sure the economy sails in safe waters.
Şimşek joins PM, Babacan, cancels trip to Davos
Following Prime Minister Recep Tayyip Erdoğan and Economy Minister Ali Babacan’s recent decisions not to attend this year’s World Economic Forum (WEF) in Davos, Şimşek also announced he had cancelled his trip to the Swiss town. The minister said he would instead accompany the prime minister on his visit to the United Arab Emirates (UAE) and Saudi Arabia this weekend.
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