Turkey’s 2027 Budget Proposal Sets Spending at 27.3 Trillion Lira
The draft projects a 3.9 trillion-lira deficit and prioritizes inflation control, urban renewal and social housing.
Key takeaways
- The proposal projects 27 trillion 276 billion lira in spending and 23 trillion 408 billion lira in revenue.
- The budget deficit is forecast at 3.5% of GDP, or 2.8% excluding earthquake spending.
- Urban renewal funding is set to rise 176% to 276 billion lira.
Turkey’s 2027 central government budget proposal projects spending of 27 trillion 276 billion lira and revenue of 23 trillion 408 billion lira, leaving a planned deficit of 3 trillion 868 billion lira. Deputy President Cevdet Yılmaz said the proposal was ready to be submitted to parliament.
The budget forecasts the deficit at 3.5% of gross domestic product, falling to 2.8% when earthquake spending is excluded. It allocates 3 trillion 975 billion lira for interest payments.
The proposal targets 21% inflation and 4.2% economic growth in 2027. Yılmaz said the budget aims to support the fight against inflation, investment, employment and exports.
Funding for urban renewal is planned to rise 176% to 276 billion lira. The proposal also sets aside 250 billion lira for social housing financing and aims to expand rental social housing.
Education is allocated 3 trillion 747 billion lira, while combined health spending across central government, universities and the Social Security Institution is expected to reach 4 trillion 532 billion lira.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
