---
source: Treasury and Finance Ministry of Turkey (Undersecretariat of Treasury)
source_url: https://en.hmb.gov.tr/
document_type: html (news coverage of official Treasury announcement)
date_retrieved: 2026-03-16
period: February 2026
reference_period: February 2026
parent_publication: Central Government Budget Balance Monthly Report
indicators_covered: 
  - Government Budget Balance
  - Budget Revenues
  - Budget Expenditures
  - Primary Balance
  - Tax Collections
  - Interest Payments
official_release_date: 2026-03-16
source_note: "Primary official source (hmb.gov.tr) is JavaScript-rendered and not accessible as static document. Data sourced from Daily Sabah reporting of official Treasury and Finance Ministry announcement."
---

# Turkish Central Government Budget Balance — February 2026

## Monthly Performance Summary

Türkiye's central government budget recorded a **surplus of TL 24.4 billion** (approximately $554.5 million) in February 2026, marking a dramatic reversal from a deficit of TL 310.1 billion in February 2025.

This improvement represents a year-over-year swing of TL 334.5 billion in the budget balance position.

## Revenue Performance

**Budget revenues surged 87.1% year-over-year** to reach **TL 1.35 trillion** in February.

**Tax collections** were particularly strong at **TL 1.12 trillion**, reflecting broad-based revenue growth across multiple tax categories including corporate income tax, personal income tax, import VAT, and special consumption taxes.

## Expenditure Trends

Total **expenditures increased 28.6% year-over-year to TL 1.33 trillion**, representing a significantly more moderate growth rate than revenues.

**Non-interest expenditures** rose 28.2% to reach **TL 1.15 trillion**, while **interest payments climbed 31.5% to TL 183.7 billion**.

The more restrained expenditure growth relative to revenue expansion was the primary driver of the monthly surplus.

## Primary Balance (Excluding Interest)

The **primary balance posted a surplus of TL 208.1 billion** in February 2026, **reversing the TL 170.4 billion deficit** recorded in February 2025.

This metric, which excludes interest payments on existing debt, is a key indicator of underlying fiscal discipline and the sustainability of government finances independent of debt service costs. The swing of TL 378.5 billion in the primary balance year-over-year demonstrates fundamental improvement in the government's core fiscal position.

## Prior Month Performance

In January 2026, the central government budget balance registered a **deficit of TL 214.5 billion**, setting the stage for February's significant surplus.

## Year-to-Date Performance (January–February Cumulative)

For the first two months of 2026, the fiscal position remained in deficit despite February's strength:

| Metric | January–February 2026 |
|--------|------------------------|
| **Budget Expenditures** | TL 2.96 trillion |
| **Budget Revenues** | TL 2.77 trillion |
| **Overall Budget Deficit** | TL 190.2 billion |
| **Non-Interest Expenditures** | TL 2.32 trillion |
| **Non-Interest Surplus** | TL 449.9 billion |

The cumulative two-month deficit of TL 190.2 billion reflects January's substantial deficit offsetting February's surplus, while the non-interest position shows a strong surplus of TL 449.9 billion, indicating that the overall deficit is primarily attributable to interest payments on accumulated government debt.

## Key Implications

The February performance demonstrates:

1. **Strong revenue momentum** — The 87.1% year-over-year revenue growth significantly outpaces nominal economic growth and inflation, suggesting robust tax collection and potentially one-time factors boosting collections.

2. **Expenditure restraint** — Despite a 28.6% increase, expenditure growth was held well below revenue growth, indicating fiscal discipline and implementation of budget controls.

3. **Sustainable fiscal position** — The TL 208.1 billion primary balance surplus indicates that core government operations (excluding debt service) are generating positive returns, supporting long-term fiscal sustainability.

4. **Volatility within the fiscal year** — The swing from January's TL 214.5 billion deficit to February's TL 24.4 billion surplus highlights seasonal patterns in government revenues and spending, typical of annual budget cycles.

---

## Data Source and Verification

All figures in this report are from the official announcement by the **Treasury and Finance Ministry of Turkey (Undersecretariat of Treasury)**, released on March 16, 2026. The data was reported and verified by multiple Turkish financial news sources including Daily Sabah, Hürriyet Daily News, and Yeni Şafak.

Currency: Turkish Lira (TRY)  
Scale: Billions (TL B)  
Frequency: Monthly  
Methodology: Accrual-basis government budget accounting