Where does Turkey’s public deficit come from?

From the clean-up after the 2001 crisis to the return of deficits: Turkish public revenue and spending since 2008, inflation, interest, and a comparison with France.

Scope: Turkish general government (central government, local government, social security), IMF government finance statistics, calendar years, 2008 to 2023 (latest year published in this database). · Data as of Oct 30, 2026.

Public spending · 2023₺9,345bn35.2% of GDP
Public revenue · 2023₺8,037bn30.3% of GDP
Deficit · 2023−₺1,309bn−4.9% of GDP
Gross public debt · end of 202330.0%of GDP

Key takeaways

  • In 2023, Turkish general government spent ₺9,345bn (35.2% of GDP) against ₺8,037bn of revenue (30.3%): a deficit of ₺1,309bn, or 4.9% of GDP. Gross debt (deposits, loans and securities) remains moderate: 30.0% of GDP.
  • The clean-up after 2001: the 2001 crisis pushed the deficit to 11.7% of GDP and gross debt to 75.5% (IMF). The accounts were then repaired, up to small surpluses from 2013 to 2015 (+0.5% in 2015), and debt fell to 27.2% of GDP in 2015.
  • The return of deficits: between 2015 and 2023 the balance went from +0.5% to −4.9% of GDP. Spending gained +3.9 points: other transfers (+2.8), interest (+1.9) and subsidies (+0.9). Revenue fell by 1.5 points: social contributions (−1.4), other taxes on goods (−1.1) and household income tax (−0.9) fell, corporate tax rose (+1.9).
  • The inflation effect: in 2022, a year of very high inflation, revenue fell to 26.7% of GDP and social benefits to 8.3% (12.6% in 2020). Interest on debt went from 2.0% of GDP in 2015 to 4.8% in 2022 (3.9% in 2023). In 2023, the year of the February earthquakes, other transfers went from 2.3% to 4.3% of GDP.
  • Pensions already heavy: according to the OECD, public pension spending reached 7.4% of GDP in 2020 and 6.1% in 2021, while people aged 65+ make up only 10.0% of the population (2023). The central government carries the deficit (−5.3% of GDP in 2023).
  • Compared with France, Turkey spent 20.7 points of GDP less in 2023 (35.2% against 55.9%) and levied 20.1 points less. It pays 15.2 points less in social benefits but 2.2 points more in interest; on the revenue side, social contributions (−10.0 points) and household income tax (−6.7) are much lower.

Revenue and spending, year by year

For each year: left bar = revenue (grey), right bar = spending (colours), stacked by type. The gap between the two bars is the deficit (or surplus). Tap an item in the legend to isolate it. Amounts in billions of Turkish lira. With inflation, current amounts soar: read constant amounts or % of GDP instead. Spending is shown by nature: the split by function reported to the IMF is not consistent over time.

Unit
Since
Spending
Revenue

What widened (or narrowed) the deficit

Change of each item in points of GDP between two years, spending by nature. Spending that rises, or revenue that falls, widens the deficit (bar to the left); revenue that rises narrows it.

Compare

Public balance: 0.5% of GDP in 2015, −4.9% in 2023, a change of −5.4 points. Contribution of spending: −3.9 pt; of revenue: −1.5 pt.

  • Social benefits (pensions, allowances, reimbursed care)
  • Public employee compensation
  • Operating purchases
  • Interest on debt
  • Subsidies
  • Investment
  • Other transfers
  • Revenue
← widens the deficitnarrows it →
Detail by item · 2015 → 2023
Detail by itemSide20152023Change (pt)Effect on balance (pt)
Other transfersSpending1.534.31+2.78−2.78
Interest on debtSpending2.023.95+1.93−1.93
Social contributionsRevenue7.636.24−1.39−1.39
Other taxes on goods and services (ÖTV excise on fuel, tobacco, cars…)Revenue7.456.39−1.07−1.07
Household income taxesRevenue3.712.81−0.91−0.91
SubsidiesSpending1.182.05+0.87−0.87
Payroll, property and other taxesRevenue0.860.50−0.36−0.36
Other revenue (sales, property income, transfers)Revenue5.485.28−0.21−0.21
InvestmentSpending3.083.14+0.06−0.06
Operating purchasesSpending4.814.43−0.38+0.38
Public employee compensationSpending7.857.40−0.45+0.45
VAT (KDV)Revenue5.175.74+0.56+0.56
Social benefits (pensions, allowances, reimbursed care)Spending10.829.93−0.89+0.89
Corporate income taxRevenue1.463.32+1.86+1.86
Total revenueRevenue31.7730.27−1.50−1.50
Total spendingSpending31.2935.20+3.91−3.91
BalanceBalance0.48-4.93−5.41−5.41

The drivers

Pensions and health

Public spending on pensions (old age + survivors) and health, % of GDP, OECD social expenditure database (SOCX).

  • Pensions · 6.1% (2021)
  • Health · 3.6% (2021)

The demographic driver

Share of people aged 65 and over (%), World Bank.

  • Aged 65+ · 10.0% (2023)

Public balance since 2000

% of GDP. Negative = deficit. Before 2008: IMF World Economic Outlook.

  • Balance · −4.9% (2023)

Gross and net debt

% of GDP, IMF (World Economic Outlook).

  • Gross debt · 29.3% (2023)
  • Net debt · 22.1% (2023)

Social benefits and interest

% of GDP.

  • Social benefits · 9.9% (2023)
  • Interest on debt · 3.9% (2023)

Who carries the deficit?

Balance by level of government, % of GDP.

  • Central government · −5.3% (2023)
  • Local government · −0.2% (2023)
  • Social security · 0.6% (2023)

Turkey and France

Same IMF government finance statistics for both countries, same scope (general government), in % of GDP; gross debt on the same perimeter (deposits, loans, securities). Spending is compared by nature. To the right of a gap chart, Turkey is above France.

Public spending, % of GDP

  • Turkey · 35.2% (2023)
  • France · 55.9% (2023)

Public revenue, % of GDP

  • Turkey · 30.3% (2023)
  • France · 50.4% (2023)

Public balance, % of GDP

  • Turkey · −4.9% (2023)
  • France · −5.5% (2023)

Gross public debt, % of GDP

  • Turkey · 30.0% (2023)
  • France · 106.4% (2023)

Structure of revenue

One bar per country, stacked by type of revenue, % of GDP.

Year
    • Social contributions
    • Household income taxes
    • VAT
    • Other taxes on goods and services
    • Corporate income tax
    • Payroll, property and other taxes
    • Other revenue

    Where Turkey levies more (or less) than France

    Turkey minus France, in points of GDP, same year. To the right, Turkey is higher.

    • Turkey − France · 2023
    ← lowerhigher →

    Spending by nature

    What public money pays for: wages, social benefits, purchases, interest… France pays far more social benefits, Turkey more interest.

    Year
    • Social benefits (pensions, allowances, reimbursed care)
    • Public employee compensation
    • Operating purchases
    • Interest on debt
    • Subsidies
    • Investment
    • Other transfers

    Turkey − France gap by type of spending, points of GDP

    • Turkey − France · 2023

    Yearly data

    Show the table of revenue, spending, balance and debt by year
    YearRevenueSpendingBalanceBalance (% of GDP)Debt (% of GDP)
    2023₺8,037bn₺9,345bn−₺1,309bn−4.9%30.0%
    2022₺4,003bn₺4,470bn−₺467bn−3.1%34.6%
    2021₺2,249bn₺2,341bn−₺92bn−1.3%41.5%
    2020₺1,554bn₺1,804bn−₺251bn−5.0%41.1%
    2019₺1,312bn₺1,501bn−₺189bn−4.4%33.6%
    2018₺1,185bn₺1,288bn−₺103bn−2.7%29.1%
    2017₺965bn₺1,057bn−₺93bn−3.0%29.0%
    2016₺843bn₺893bn−₺50bn−1.9%28.7%
    2015₺747bn₺736bn₺11bn0.5%27.9%
    2014₺652bn₺649bn₺3.6bn0.2%—
    2013₺591bn₺588bn₺3.1bn0.2%—
    2012₺510bn₺511bn−₺0.8bn−0.1%—
    2011₺454bn₺463bn−₺8.9bn−0.6%—
    2010₺386bn₺418bn−₺31bn−2.7%—
    2009₺330bn₺389bn−₺60bn−5.9%—
    2008₺321bn₺342bn−₺21bn−2.1%—

    Sources and method

    • IMF, Government Finance Statistics (GFS). Revenue by type of tax, spending by nature, balance by level of government, gross debt and net financial worth: Turkish general government, 2008–2023. France is read from the same tables for the comparison. The OECD general government tables are empty for Turkey.IMF GFS (DBnomics)
    • IMF, World Economic Outlook (April 2025). Balance before 2008, gross and net debt since 2000, % of GDP.IMF World Economic Outlook, April 2025
    • OECD, social expenditure database (SOCX). Public spending on pensions and health, % of GDP, up to 2021.OECD SOCX
    • OECD, national accounts. GDP deflator.OECD Table 1
    • World Bank. Share of people aged 65 and over.World Bank SP.POP.65UP.TO.ZS
    • Method. Spending = expenses + net investment in non-financial assets; balance = net lending or borrowing. Constant lira: current lira adjusted by the GDP deflator. The split of spending by function reported to the IMF has breaks (pensions nil in 2014, falling in value in 2021, below OECD data): it is not used.
    • Further reading. Ministry of Treasury and Finance, statistical office (TÜİK), central bank.Hazine ve Maliye Bakanlığı — Genel yönetim istatistikleriTÜİKTürkiye Cumhuriyet Merkez Bankası