MINISTRY OF DEVELOPMENT

2017-2019 MEDIUM TERM PROGRAM

MAIN MACROECONOMIC AND

FISCAL TARGETS

TURKEY

6 October 2016

Detailed information about macroeconomic and fiscal targets of Medium Term Program (2017-2019), which was decided by issuing Cabinet Decree No. 2016/9300, 07/09/2016 and published in Official Gazette No. 29849, 06/10/2016, is presented.

INDEX

TABLE 1: Developments in Macroeconomic Indicators 3

TABLE 2: General Balance of The Economy (At Current Prices) 4

TABLE 3: General Balance of The Economy (At 1998 Prices) 5

TABLE 4: Resources and Uses 6

TABLE 5: Current Account Balance 7

TABLE 6: Some Ratios About Balance of Payments 8

TABLE 7: Developments in Labor Market 9

TABLE 8: Public Sector Borrowing Requirement (PSBR) 10

TABLE 9: General Government Total Revenues And Expenditures 11

TABLE 10: Central Government Budget Balances 12

TABLE 11: Local Governments Revenues And Expenditures 13

TABLE 12: Revolving Funds Financing Balance 14

TABLE 13: Social Security Institutions Revenue-Expenditure Balance 15

TABLE 14: Unemployment Insurance Fund Revenue-Expenditure Balance 16

TABLE 15: Funds Resources and Expenditures 17

TABLE 16: Financing of Operational SEEs Including Privatization Portfolio 18

TABLE 17: Financing of Operational SEEs Excluding Privatization Portfolio 19

TABLE 18: Financing of Operational SEEs in Privatization Portfolio 20

TABLE 19: Fixed Capital Investment ( At Current Prices) 21

TABLE 20: Fixed Capital Investment ( At 1998 Prices) 22

TABLE 1: DEVELOPMENTS IN MACROECONOMIC INDICATORS

2015 2016 (1) 2017 (2) 2018 (2) 2019 (2)

GROWTH RATES (Percentage Change)

AGRICULTURE 7.0 0.5 3.0 3.0 3.0

INDUSTRY 3.7 3.2 4.4 5.1 5.2

SERVICES (3) 4.6 4.0 5.2 5.7 5.7

GDP 4.0 3.2 4.4 5.0 5.0

SECTORAL BREAKDOWN OF GDP (4)

AGRICULTURE 8.5 7.9 7.9 8.0 8.0

INDUSTRY 21.5 21.5 21.7 21.9 22.1

SERVICES (3) 70.0 70.6 70.4 70.1 69.9

GDP 100.0 100.0 100.0 100.0 100.0

GDP (AT CURRENT PRICES, BILLION TL) 1,953 2,148 2,404 2,686 2,987

GDP (AT CURRENT PRICES, BILLION $) 720 726 756 815 884

GDP (PPP, BILLION DOLLAR) 1,543 1,602 1,696 1,817 1,949

PER CAPITA GDP (DOLLAR) 9,257 9,243 9,529 10,164 10,926

PER CAPITA GDP, PPP (DOLLAR) 19,917 20,396 21,367 22,666 24,077

GDP Deflator 7.5 6.6 7.2 6.4 5.9

CPI (End of Year, % Change) 8.8 7.5 6.5 5.0 5.0

(1) Estimate, (2) Program

(3) Construction sector is included.

SECTORS

(4) Financial intermediation services indirectly measured and tax-subsidies were allocated with respect to sectoral weights.

3

TABLE 2: GENERAL BALANCE of THE ECONOMY

2015 2016 (1) 2017 (2) 2018 (2) 2019 (2) 2015 2016 (1) 2017 (2) 2018 (2) 2019 (2)

TOTAL CONSUMPTION 1,649,797 1,839,316 2,031,612 2,247,809 2,486,006 84.5 85.6 84.5 83.7 83.2

PUBLIC 237,107 285,741 306,444 334,654 361,252 12.1 13.3 12.7 12.5 12.1

PRIVATE 1,412,690 1,553,574 1,725,168 1,913,155 2,124,755 72.3 72.3 71.8 71.2 71.1

TOTAL INVESTMENT 359,074 382,361 453,114 520,389 582,749 18.4 17.8 18.8 19.4 19.5

PUBLIC 97,418 105,424 122,071 133,932 138,646 5.0 4.9 5.1 5.0 4.6

PRIVATE 261,656 276,937 331,044 386,457 444,103 13.4 12.9 13.8 14.4 14.9

FIXED CAPITAL INVESTMENT 404,107 440,749 497,133 556,327 621,383 20.7 20.5 20.7 20.7 20.8

PUBLIC 95,271 104,499 122,304 134,794 139,135 4.9 4.9 5.1 5.0 4.7

PRIVATE 308,835 336,249 374,829 421,532 482,248 15.8 15.7 15.6 15.7 16.1

CHANGE IN STOCKS -45,033 -58,388 -44,019 -35,937 -38,634 -2.3 -2.7 -1.8 -1.3 -1.3

PUBLIC 2,146 925 -234 -862 -489 0.1 0.0 0.0 0.0 0.0

PRIVATE -47,179 -59,313 -43,785 -35,075 -38,145 -2.4 -2.8 -1.8 -1.3 -1.3

TOTAL DOMESTIC DEMAND (TOTAL RESOURCES) 2,008,871 2,221,676 2,484,726 2,768,198 3,068,755 102.9 103.4 103.4 103.1 102.8

NET EXPORTS OF GOODS AND SERVİCES -56,232 -73,555 -80,618 -82,329 -82,202 -2.9 -3.4 -3.4 -3.1 -2.8

TOTAL EXPORTS OF GOODS AND SERVICES 545,978 565,156 663,852 769,553 879,929 28.0 26.3 27.6 28.7 29.5

TOTAL IMPORTS OF GOODS AND SERVICES 602,210 638,711 744,470 851,882 962,131 30.8 29.7 31.0 31.7 32.2

GROSS DOMESTIC PRODUCT (GDP) 1,952,638 2,148,121 2,404,108 2,685,870 2,986,553 100.0 100.0 100.0 100.0 100.0

NET FACTOR INCOMES -26,431 -24,688 -28,201 -30,484 -32,631 -1.4 -1.1 -1.2 -1.1 -1.1

NET CURRENT TRANSFERS 3,582 4,846 6,173 7,403 8,610 0.2 0.2 0.3 0.3 0.3

GROSS NATIONAL DISPOSABLE INCOME (GNDI) 1,929,789 2,128,279 2,382,080 2,662,789 2,962,531 98.8 99.1 99.1 99.1 99.2

PUBLIC DISPOSABLE INCOME 322,421 343,747 371,093 415,656 459,877 16.5 16.0 15.4 15.5 15.4

PUBLIC CONSUMPTION 237,107 285,741 306,444 334,654 361,252 12.1 13.3 12.7 12.5 12.1

PUBLIC SAVING 85,314 58,006 64,649 81,002 98,625 4.4 2.7 2.7 3.0 3.3

PUBLIC INVESTMENT 97,418 105,424 122,071 133,932 138,646 5.0 4.9 5.1 5.0 4.6

PUBLIC SAVING-INVESTMENT DIFFERENCE -12,104 -47,418 -57,421 -52,931 -40,020 -0.6 -2.2 -2.4 -2.0 -1.3

PRIVATE DISPOSABLE INCOME 1,607,368 1,784,532 2,010,987 2,247,133 2,502,655 82.3 83.1 83.6 83.7 83.8

PRIVATE CONSUMPTION 1,412,690 1,553,574 1,725,168 1,913,155 2,124,755 72.3 72.3 71.8 71.2 71.1

PRIVATE SAVING 194,679 230,958 285,818 333,978 377,900 10.0 10.8 11.9 12.4 12.7

PRIVATE INVESTMENT 261,656 276,937 331,044 386,457 444,103 13.4 12.9 13.8 14.4 14.9

PRIVATE SAVING-INVEST DIFFERENCE -66,978 -45,979 -45,225 -52,478 -66,203 -3.4 -2.1 -1.9 -2.0 -2.2

TOTAL DOMESTIC SAVING 279,993 288,964 350,468 414,980 476,525 14.3 13.5 14.6 15.5 16.0Source: Ministry of Development

(1) Estimate

(2) Programme

(At Current Prices, Millions TL) (Percentage Share to GDP)

4

TABLE 3: GENERAL BALANCE of THE ECONOMY

2015 2016 (1) 2017 (2) 2018 (2) 2019 (2) 2015 2016 (1) 2017 (2) 2018 (2) 2019 (2)TOTAL CONSUMPTION 101,869 107,730 111,838 116,829 121,929 5.1 5.8 3.8 4.5 4.4

PUBLIC 10,897 12,187 12,234 12,492 12,746 5.6 11.8 0.4 2.1 2.0

PRIVATE 90,971 95,542 99,604 104,337 109,183 5.0 5.0 4.3 4.8 4.6TOTAL INVESTMENT 31,023 30,748 32,298 33,833 35,414 1.5 -0.9 5.0 4.8 4.7

PUBLIC 7,112 7,284 7,868 8,111 7,908 15.6 2.4 8.0 3.1 -2.5

PRIVATE 23,911 23,463 24,431 25,723 27,506 -2.0 -1.9 4.1 5.3 6.9FIXED CAPITAL INVESTMENT 31,786 31,829 33,457 35,189 37,141 3.9 0.1 5.1 5.2 5.5

PUBLIC 6,990 7,234 7,879 8,152 7,930 9.4 3.5 8.9 3.5 -2.7

PRIVATE 24,795 24,595 25,577 27,037 29,211 2.4 -0.8 4.0 5.7 8.0CHANGE IN STOCKS -763 -1,081 -1,158 -1,356 -1,727 -0.6 -0.2 -0.1 -0.1 -0.2

PUBLIC 122 51 -12 -41 -22 0.3 -0.1 0.0 0.0 0.0

PRIVATE -885 -1,132 -1,147 -1,315 -1,705 -0.8 -0.2 0.0 -0.1 -0.3TOTAL DOMESTIC DEMAND (TOTAL RESOURCES) 132,891 138,478 144,137 150,662 157,343 4.2 4.2 4.1 4.5 4.4

NET EXPORTS OF GOODS AND SERVİCES -1,619 -3,004 -2,703 -2,157 -1,411 -0.3 -1.1 0.2 0.4 0.5

TOTAL EXPORTS OF GOODS AND SERVICES 34,006 33,854 35,817 38,129 40,648 -0.9 -0.4 5.8 6.5 6.6

TOTAL IMPORTS OF GOODS AND SERVICES 35,625 36,858 38,520 40,286 42,059 0.2 3.5 4.5 4.6 4.4

GROSS DOMESTIC PRODUCT (GDP) 131,273 135,473 141,434 148,506 155,931 4.0 3.2 4.4 5.0 5.0

NET FACTOR INCOMES -1,684 -1,510 -1,557 -1,550 -1,554 24.8 -10.3 3.1 -0.5 0.3

NET CURRENT TRANSFERS 212 280 319 350 376 9.0 32.0 14.2 9.6 7.5GROSS NATIONAL DISPOSABLE INCOME (GNDI) 129,800 134,243 140,197 147,306 154,754 3.8 3.4 4.4 5.1 5.1

PUBLIC DISPOSABLE INCOME 21,687 21,682 21,841 22,994 24,023 14.1 0.0 0.7 5.3 4.5

PUBLIC CONSUMPTION 10,897 12,187 12,234 12,492 12,746 5.6 11.8 0.4 2.1 2.0

PUBLIC SAVING 10,789 9,495 9,606 10,502 11,277 24.1 -12.0 1.2 9.3 7.4

PUBLIC INVESTMENT 7,112 7,284 7,868 8,111 7,908 15.6 2.4 8.0 3.1 -2.5

PUBLIC SAVING-INVESTMENT DIFFERENCE 3,677 2,210 1,739 2,391 3,369

PRIVATE DISPOSABLE INCOME 108,114 112,561 118,356 124,312 130,731 1.9 4.1 5.1 5.0 5.2

PRIVATE CONSUMPTION 90,971 95,542 99,604 104,337 109,183 5.0 5.0 4.3 4.8 4.6

PRIVATE SAVING 17,143 17,019 18,752 19,975 21,548 -11.9 -0.7 10.2 6.5 7.9

PRIVATE INVESTMENT 23,911 23,463 24,431 25,723 27,506 -2.0 -1.9 4.1 5.3 6.9

PRIVATE SAVING-INVEST DIFFERENCE -6,768 -6,445 -5,679 -5,748 -5,958

TOTAL DOMESTIC SAVING 27,932 26,513 28,358 30,477 32,825 -0.8 -5.1 7.0 7.5 7.7

Source: Ministry of Development

(1) Contribution to GDP Growth

(2) Estimate

(3) Programme

(At 1998 Prices, Millions TL) (Percentage Change)

5

TABLO 4: RESOURCES AND USES

2015 2016 2017 2018 2019

(1) (2) (2) (2)

GDP 4.0 3.2 4.4 5.0 5.0

NET EXPORTS OF GOODS AND SERVICES -0.3 -1.1 0.2 0.4 0.5

TOTAL DOMESTIC DEMAND 4.3 4.3 4.2 4.6 4.5

FIXED CAPITAL INVESTMENT 0.9 0.0 1.2 1.2 1.3

PUBLIC 0.5 0.2 0.5 0.2 -0.1

PRIVATE 0.5 -0.2 0.7 1.0 1.5

CHANGE IN STOCKS -0.6 -0.2 -0.1 -0.1 -0.2

PUBLIC 0.3 -0.1 0.0 0.0 0.0

PRIVATE -0.8 -0.2 0.0 -0.1 -0.3

TOTAL INVESTMENT 0.4 -0.2 1.1 1.1 1.1

PUBLIC 0.8 0.1 0.4 0.2 -0.1

PRIVATE -0.4 -0.3 0.7 0.9 1.2

TOTAL CONSUMPTION 3.9 4.5 3.0 3.5 3.4

PUBLIC 0.5 1.0 0.0 0.2 0.2

PRIVATE 3.4 3.5 3.0 3.3 3.3

Source: Ministry of Development

(1) Estimate

(2) Programme

(GDP Contributions, Percentage)

6

TABLE 5: CURRENT ACCOUNT BALANCE(Million US Dollar)

2015 2016 2017 2018 2019

(1) (2) (2) (2)

CURRENT ACCOUNT BALANCE -32,241 -31,278 -32,000 -31,700 -31,200

I. FOREIGN TRADE -48,157 -38,072 -43,132 -46,385 -45,346

EXPORTS (FOB) (3) 144,505 143,811 158,322 176,468 200,910

EXPORTS (FOB) 143,839 143,100 153,300 170,000 193,093

SHUTTLE TRADE AND COVERAGE 666 711 5,022 6,468 7,817

IMPORTS (FOB) 196,701 185,783 201,319 222,592 245,772

IMPORTS (CIF) 207,234 198,000 214,000 236,924 261,826

FREIGHT, INSURANCE AND COVERAGE -10,533 -12,217 -12,681 -14,332 -16,055

NON MONETARY GOLD (NET) 3,955 3,800 -300 -500 -689

II. SERVICES (NET) 24,118 13,412 17,969 21,592 21,164

TRAVEL (NET) 21,248 12,600 16,261 19,200 19,200

CREDIT 26,616 18,600 23,500 27,000 27,700

DEBIT 5,368 6,000 7,239 7,800 8,500

III. PRIMARY INCOME (NET) -9,524 -8,235 -8,755 -9,125 -9,535

COMPENSATION OF EMPLOYEES (NET) -407 -427 -447 -467 -487

INVESTMENT INCOME (NET) -9,117 -7,808 -8,308 -8,658 -9,048

DIRECT INVESTMENT (NET) -3,171 -1,725 -1,925 -2,125 -2,325

PORTFOLIO INVESTMENT (NET) -2,479 -2,479 -2,479 -2,479 -2,479

CREDIT 2,081 2,181 2,281 2,381 2,481

DEBIT 4,560 4,660 4,760 4,860 4,960

OTHER INVESTMENT (NET) -3,467 -3,604 -3,904 -4,054 -4,244

INTEREST INCOME 1,722 1,822 1,922 2,022 2,122

INTEREST EXPENDITURE 5,189 5,426 5,826 6,076 6,366

LONG TERM 4,184 4,371 4,721 4,921 5,161

MONETARY AUTHORITY 3 10 10 10 50

GENERAL GOVERNMENT 570 550 700 700 700

BANKS 1,114 1,214 1,314 1,414 1,514

OTHER SECTOR 2,497 2,597 2,697 2,797 2,897

SHORT TERM 1,005 1,055 1,105 1,155 1,205

IV. SECONDARY INCOME 1,322 1,618 1,918 2,218 2,518

WORKERS REMITTANCES 714 814 914 1,014 1,114

(1) Estimation (2) Programme (3) Including Shuttle Trade

7

TABLE 6: SOME RATIOS ABOUT BALANCE OF PAYMENTS

(Percentage)

2015 2016 2017 2018 2019

(1) (2) (2) (2)

CURRENT ACCOUNT BALANCE / GDP -4.5 -4.3 -4.2 -3.9 -3.5

CURRENT ACCOUNT BALANCE EXCLUDING INTEREST EXPENDITURE / GDP -3.1 -3.0 -3.0 -2.7 -2.4

CURRENT ACCOUNT BALANCE EXCLUDING GOLD TRADE / GDP -5.0 -4.8 -4.2 -3.8 -3.5

FOREIGN TRADE(3)

/ GDP -6.7 -5.2 -5.7 -5.7 -5.1

FOREIGN TRADE VOLUME / GDP 48.8 47.0 48.6 49.9 51.4

EXPORTS / GDP 20.0 19.7 20.3 20.9 21.8

EXPORTS / TOTAL CURRENT ACCOUNT INCOMES 70.8 73.8 74.3 74.2 75.7

EXPORTS / IMPORTS 69.4 72.3 71.6 71.8 73.7

IMPORTS / GDP 28.8 27.3 28.3 29.1 29.6

IMPORTS / TOTAL CURRENT ACCOUNT EXPENDITURES 87.7 87.5 87.3 87.9 88.3

SERVICE INCOMES/ TOTAL CURRENT ACCOUNT INCOMES 22.7 18.9 20.7 20.9 19.5

TRAVEL INCOMES / TOTAL CURRENT ACCOUNT INCOMES 13.0 9.5 11.0 11.3 10.4

PRIMARY INCOME BALANCE EXPENDITURES / TOTAL CURRENT ACCOUNT EXPENDITURES 5.9 5.7 5.6 5.3 5.1

INTEREST EXPENDITURES / TOTAL CURRENT ACCOUNT EXPENDITURES 4.1 4.2 3.9 3.5 3.2

(1) Estimation (2) Program (3) Presentation in balance of payments table

8

TABLE 7: DEVELOPMENTS IN LABOR MARKET

2015 2016 (1) 2017 (2) 2018 (2) 2019 (2)

Population 15 years and over (Thousand Person) 57,854 58,741 59,586 60,407 61,204

Labor Force Participation Rate (%) 51.3 51.8 52.3 52.9 53.5

Labor Force (Thousand Person) 29,678 30,401 31,134 31,954 32,744

Employed (Thousand Person) 26,621 27,216 27,948 28,741 29,534

Non-Agriculture 21,138 21,961 22,755 23,655 24,570

Agriculture 5,483 5,255 5,193 5,086 4,964

Unemployed (Thousand Person) 3,057 3,185 3,186 3,213 3,211

Unemployment Rate (%) 10.3 10.5 10.2 10.1 9.8

Non-Agricultural Unemployment Rate (%) 12.4 12.4 12.1 11.7 11.4

Employment Rate (%) 46.0 46.3 46.9 47.6 48.3 (1) Estimate

(2) Program

9

TABLE 8: PUBLIC SECTOR BORROWING REQUIREMENT (PSBR)

2015 2016 2017 2018 2019

(1) (2) (2) (2)

PUBLIC SECTOR BORROWING REQUIREMENT 762 36,341 35,370 38,355 25,574

CENTRAL GOVERNMENT BUDGET 23,525 34,558 46,851 44,291 40,086

SEEs -1,597 -3,976 -4,596 -5,318 -3,622

- OPERATIONAL SEEs -1,046 -4,941 -5,178 -5,680 -4,003

- WITHIN THE SCOPE OF PRIVATIZATION (3) -551 965 581 361 381

LOCAL GOVERNMENTS 1,959 10,357 1,934 8,061 -1,953

REVOLVING FUNDS 427 838 923 940 975

SOCIAL SECURITY INSTITUTIONS -1,456 0 0 0 0

UNEMPLOYMENT INSURANCE FUND -11,681 -9,852 -10,424 -9,829 -9,809

EXTRABUDGETARY FUNDS -10,416 4,416 683 211 -103

MEMO ITEM:

- TOTAL PUBLIC INTEREST EXPENDITURES 55,241 54,606 60,908 65,697 76,545

- TOTAL PUBLIC PRIVATIZATION REVENUES 12,069 11,000 17,768 8,000 6,500

- PSBR (EXC. INTEREST EXP. AND PRIVATIZATION REV.) -42,410 -7,265 -7,769 -19,343 -44,470

- PROGRAM DEFINED PRIMARY BALANCE (4) 13,704 -25,425 -14,710 -548 25,928

PUBLIC SECTOR BORROWING REQUIREMENT 0.0 1.7 1.5 1.4 0.9

CENTRAL GOVERNMENT BUDGET 1.2 1.6 1.9 1.6 1.3

SEEs -0.1 -0.2 -0.2 -0.2 -0.1

- OPERATIONAL SEEs -0.1 -0.2 -0.2 -0.2 -0.1

- WITHIN THE SCOPE OF PRIVATIZATION (3) 0.0 0.0 0.0 0.0 0.0

LOCAL GOVERNMENTS 0.1 0.5 0.1 0.3 -0.1

REVOLVING FUNDS 0.0 0.0 0.0 0.0 0.0

SOCIAL SECURITY INSTITUTIONS -0.1 0.0 0.0 0.0 0.0

UNEMPLOYMENT INSURANCE FUND -0.6 -0.5 -0.4 -0.4 -0.3

EXTRABUDGETARY FUNDS -0.5 0.2 0.0 0.0 0.0

MEMO ITEM:

- TOTAL PUBLIC INTEREST EXPENDITURES 2.8 2.5 2.5 2.4 2.6

- TOTAL PUBLIC PRIVATIZATION REVENUES 0.6 0.5 0.7 0.3 0.2

- PSBR (EXC. INTEREST EXP. AND PRIVATIZATION REV.) -2.2 -0.3 -0.3 -0.7 -1.5

- PROGRAM DEFINED PRIMARY BALANCE (4) 0.7 -1.2 -0.6 0.0 0.9

Note: Negative signs indicate surplus.

(1) Estimate

(2) Program

(3) Figures are changing owing to the privatizations.

(4) Positive signs indicate surplus in primary balances.

(IN MILLIONS OF TL)

(PERCENT OF GDP)

10

TABLE 9: GENERAL GOVERNMENT TOTAL REVENUES AND EXPENDITURES

2015 2016 2017 2018 2019 2015 2016 2017 2018 2019(1) (2) (2) (2) (1) (2) (2) (2)

TAXES 418,694 462,199 526,883 585,460 644,507 21.4 21.5 21.9 21.8 21.6

-DIRECT 118,880 137,081 155,089 172,049 188,358 6.1 6.4 6.5 6.4 6.3

-INDIRECT 285,677 309,281 354,174 393,176 433,985 14.6 14.4 14.7 14.6 14.5

-WEALTH 14,137 15,837 17,620 20,235 22,164 0.7 0.7 0.7 0.8 0.7

NON-TAX REVENUES 42,794 45,056 44,319 54,142 59,886 2.2 2.1 1.8 2.0 2.0

FACTOR INCOMES 112,676 131,382 130,134 135,618 143,694 5.8 6.1 5.4 5.0 4.8

SOCIAL FUNDS 212,940 249,380 275,836 300,389 330,191 10.9 11.6 11.5 11.2 11.1

TOTAL 787,104 888,016 977,172 1,075,609 1,178,278 40.3 41.3 40.6 40.0 39.5

-PRIVATIZATION REVENUES 12,069 11,000 17,768 8,000 6,500 0.6 0.5 0.7 0.3 0.2

TOTAL REVENUES 799,173 899,016 994,940 1,083,609 1,184,778 40.9 41.9 41.4 40.3 39.7

CURRENT EXPENDITURES 357,607 428,621 461,083 500,496 538,274 18.3 20.0 19.2 18.6 18.0

INVESTMENT EXPENDITURES 81,101 88,567 102,878 114,640 118,341 4.2 4.1 4.3 4.3 4.0

-FIXED CAPITAL 80,991 88,378 102,632 114,367 118,052 4.1 4.1 4.3 4.3 4.0

-CHANGE IN STOCKS 110 189 246 273 290 0.0 0.0 0.0 0.0 0.0

TRANSFER EXPENDITURES 362,824 422,146 470,946 512,146 557,359 18.6 19.7 19.6 19.1 18.7

-CURRENT TRANSFERS 339,398 401,673 454,324 488,990 534,828 17.4 18.7 18.9 18.2 17.9

-CAPITAL TRANSFERS 23,426 20,473 16,623 23,156 22,531 1.2 1.0 0.7 0.9 0.8

TOTAL EXPENDITURE 801,532 939,333 1,034,907 1,127,282 1,213,974 41.0 43.7 43.0 42.0 40.6

NON-INTEREST EXPENDITURE 746,681 885,352 974,658 1,062,282 1,138,142 38.2 41.2 40.5 39.6 38.1

BORROWING REQUIREMENT 2,359 40,317 39,967 43,673 29,196 0.1 1.9 1.7 1.6 1.0

BORROWING REQUIREMENT -52,492 -13,664 -20,282 -21,327 -46,636 -2.7 -0.6 -0.8 -0.8 -1.6

EXCLUDING INTEREST EXPENDITURES

BORROWING REQUIREMENT EXC. INTEREST -40,423 -2,664 -2,514 -13,327 -40,136 -2.1 -0.1 -0.1 -0.5 -1.3

EXP. AND PRIVATIZATION PROCEEDS

(1) Estimate

(2) Program

(IN MILLIONS OF TL) (PERCENT OF GDP)

11

TABLE 10: CENTRAL GOVERNMENT BUDGET BALANCE

(Per. Chg.)

2016 (1) 2017 (2) 2017 (2) 2016 (1) 2017 (2) 2016 (1) 2017 (2)

EXPENDITURES 581,055 645,124 11.0 100.0 100.0 27.0 26.8

01 - Personnel Expenditures 150,587 162,639 8.0 25.9 25.2 7.0 6.8

02 - Government Premiums to SSIs 25,176 27,138 7.8 4.3 4.2 1.2 1.1

03 - Purchase of Goods and Services 52,223 52,119 -0.2 9.0 8.1 2.4 2.2

04 - Interest Expenditures 51,500 57,500 11.7 8.9 8.9 2.4 2.4

05 - Current Transfers 223,018 249,266 11.8 38.4 38.6 10.4 10.4

06 - Capital Expenditures 57,835 66,243 14.5 10.0 10.3 2.7 2.8

07 - Capital Transfers 8,487 10,881 28.2 1.5 1.7 0.4 0.5

08 - Lending 12,229 12,917 5.6 2.1 2.0 0.6 0.5

09 - Contingencies 0 6,421 0.0 1.0 0.0 0.3

REVENUES 546,498 598,274 9.5 100.0 100.0 25.4 24.9

01 - General Budget Revenues 526,388 577,820 9.8 96.3 96.6 24.5 24.0

- Taxes 449,979 511,085 13.6 82.3 85.4 20.9 21.3

- Non-Tax 58,294 49,841 -14.5 10.7 8.3 2.7 2.1

- Capital Revenues 16,753 15,405 -8.0 3.1 2.6 0.8 0.6

- Grands and Aids 1,361 1,489 9.4 0.2 0.2 0.1 0.1

02 - Rev. of Reg. and Sup. Agencies and Special Budget Inst. 20,110 20,454 1.7 3.7 3.4 0.9 0.9

BUDGET BALANCE -34,558 -46,851 35.6 -1.6 -1.9

MEMO ITEM

- Primary Expenditures 529,555 587,624 11.0 24.7 24.4

- Primary Balance 16,942 10,649 -37.1 0.8 0.4

- Program Defined Primary Balance -20,231 -13,663 -32.5 -0.9 -0.6

Note: - Central government budget consists of general budget institutions, special budget institutions and regulatory and supervisory agencies.

- Revenue surpluses of regulatory and supervisory agencies are excluded from general budget non-tax revenues.

(1) Estimate

(2) Program

(In Millions of TL) (Percentage Shares) (Percent of GDP)

12

TABLE 11: LOCAL GOVERNMENTS REVENUES AND EXPENDITURES (1)

2015 2016 2017 2018 2019 2015 2016 2017 2018 2019

(2) (3) (3) (3) (2) (3) (3) (3)

REVENUES 78,136 87,503 103,117 115,971 128,660 4.0 4.1 4.3 4.3 4.3

1. TAXES 56,892 63,405 74,170 83,339 91,829 2.9 3.0 3.1 3.1 3.1

A. DIRECT 14,673 16,365 18,801 20,880 23,012 0.8 0.8 0.8 0.8 0.8

B. INDIRECT 36,338 40,520 48,262 53,862 59,699 1.9 1.9 2.0 2.0 2.0

C. WEALTH 5,881 6,520 7,106 8,597 9,118 0.3 0.3 0.3 0.3 0.3

2. NON-TAX REVENUES 9,031 10,241 11,602 13,911 15,505 0.5 0.5 0.5 0.5 0.5

3. FACTOR INCOMES (NET) 12,213 13,857 16,382 18,721 21,325 0.6 0.6 0.7 0.7 0.7

4. CAPITAL TRANSFERS (NET) 0 0 964 0 0 0.0 0.0 0.0 0.0 0.0

EXPENDITURES 80,095 97,860 105,050 124,031 126,707 4.1 4.6 4.4 4.6 4.2

1. CURRENT EXPENDITURES 46,894 57,301 63,631 72,817 80,047 2.4 2.7 2.6 2.7 2.7

2. INVESTMENT EXPENDITURES 25,253 31,824 35,873 41,503 37,470 1.3 1.5 1.5 1.5 1.3

A. FIXED CAPITAL 25,240 31,804 35,848 41,473 37,440 1.3 1.5 1.5 1.5 1.3

B. CHANGE IN STOCKS 14 20 25 30 30 0.0 0.0 0.0 0.0 0.0

3. CURRENT TRANSFERS 4,923 5,963 6,751 7,724 8,778 0.3 0.3 0.3 0.3 0.3

4. EXPROPRIATION & INCR. IN FIXED ASSETS -511 -1,063 -1,204 -2,261 -3,701 0.0 0.0 -0.1 -0.1 -0.1

5. CAPITAL TRANSFERS (NET) 3,535 3,836 0 4,249 4,114 0.2 0.2 0.0 0.2 0.1

BALANCE -1,959 -10,357 -1,934 -8,061 1,953 -0.1 -0.5 -0.1 -0.3 0.1(1) Municipalities, provincial administrations, İlbank, assocations of municipalities and institutions affiliated to municipalities are included.

(2) Estimate

(3) Program

(IN MILLIONS OF TL) (PERCENT OF GDP)

13

TABLE 12: REVOLVING FUNDS FINANCING BALANCE (1)

2015 2016 2017 2018 2019

(2) (3) (3) (3)

A. TOTAL REVENUES 47,724 55,555 60,648 65,090 69,572

I. OPERATIONAL REVENUES 47,460 55,211 60,241 64,689 69,118

1. SALES OF GOODS AND SERVICES 41,465 48,223 52,647 56,605 60,531

2. OTHER REVENUES 5,995 6,988 7,594 8,084 8,587

II. FUNDS REMAINED TO INSTITUTIONS 264 345 407 400 455

1. DEPRECIATION 243 336 399 392 446

2. ALLOWANCES 21 9 7 8 9

III. BUDGET TRANSFERS 0 0 0 0 0

1. CAPITAL 0 0 0 0 0

2. AID-OTHER 0 0 0 0 0

B. TOTAL EXPENDITURES 48,152 56,393 61,571 66,030 70,548

I. OPERATIONAL COSTS 47,036 54,986 59,930 64,277 68,589

1. COSTS OF GOODS AND SERVICES SOLD 32,374 38,021 41,275 44,040 46,740

2. OTHER COSTS 14,662 16,966 18,656 20,237 21,850

- GENERAL ADMINISTRATION COSTS 11,379 13,382 14,697 15,881 17,072

- OTHER 3,282 3,583 3,959 4,356 4,778

II. INVESTMENT EXPENDITURES 2,203 1,889 1,046 1,109 1,192

III. CHANGES IN STOCKS 96 169 221 243 260

IV. INCREASES IN FIXED ASSETS -1,778 -1,398 -460 -531 -529

V. DIRECT TAXES 138 245 272 304 338

VI. TRANSFERS TO FUNDS 457 502 562 628 698

VII. LENDING MINUS REPAYMENTS 0 0 0 0 0

C. REVENUE-EXPENDITURE BALANCE -427 -838 -923 -940 -975

D. FINANCING 427 838 923 940 975

I. CHANGES IN CASH AND BANKS -796 -511 -669 -736 -786

II. DOMESTIC BORROWING (NET) 1,224 1,349 1,592 1,676 1,761

III. FOREIGN BORROWING (NET) 0 0 0 0 0

(1) It covers the revolving funds of central government institutions and TRT, National Lottery Administration and AOÇ.

(2) Estimate

(3) Programme

(CURRENT PRICES, MILLION TL)

14

TABLE 13: SOCIAL SECURITY INSTITUTIONS REVENUE-EXPENDITURE BALANCE

2015 2016 2017 2018 2019

(1) (2) (2) (2)

I-REVENUES 214,310 248,617 274,095 298,158 327,082

-PREMIUM COLLECTION 161,356 187,725 209,235 227,797 250,290

II-EXPENDITURES 225,139 268,631 295,718 321,973 347,577

-INSURANCE EXPENDITURES 155,133 188,430 208,905 229,031 248,365

-HEALTH EXPENDITURES 59,411 68,647 74,398 79,611 84,971

-INVESTMENT EXPENDITURES (3) 211 259 357 382 404

III-REVENUE-EXPENDITURE BALANCE -10,830 -20,014 -21,623 -23,815 -20,495

IV-BUDGET TRANSFERS 12,286 20,014 21,623 23,815 20,495

-BUDGET TRANSFERS (4) 80,083 106,550 116,638 120,644 124,431

V-FINANCING DEFICIT -1,456 0 0 0 0

I-REVENUES 10.98 11.57 11.40 11.10 10.95

-PREMIUM COLLECTION 8.26 8.74 8.70 8.48 8.38

II-EXPENDITURES 11.53 12.51 12.30 11.99 11.64

-INSURANCE EXPENDITURES 7.94 8.77 8.69 8.53 8.32

-HEALTH EXPENDITURES 3.04 3.20 3.09 2.96 2.85

-INVESTMENT EXPENDITURES (3) 0.01 0.01 0.01 0.01 0.01

III-REVENUE-EXPENDITURE BALANCE -0.55 -0.93 -0.90 -0.89 -0.69

IV-BUDGET TRANSFERS 0.63 0.93 0.90 0.89 0.69

-BUDGET TRANSFERS (4) 4.10 4.96 4.85 4.49 4.17

V-FINANCING DEFICIT -0.07 0.00 0.00 0.00 0.00

(CURRENT PRICES, MILLION TL)

(RATIOS TO GDP, PERCENT)

(1) Estimate

(2) Programme

(3) Including the investments of Turkish Employment Institution. The amount of investment is also added to total revenues in order not

to change the balance.

(4) Including billed payments, additional premiums, state contribution, additional payments to pensioners, the amounts transferred for

premium incentives, health insurance premiums of poor people.

15

TABLE 14: UNEMPLOYMENT INSURANCE FUND REVENUE-EXPENDITURE BALANCE

2015 2016 2017 2018 2019 2015 2016 2017 2018 2019

(1) (2) (2) (2) (1) (2) (2) (2)

I-REVENUES 18,273 22,423 25,009 26,419 28,471 0.94 1.04 1.04 0.98 0.95

-PREMIUM CONTRIBUTIONS 8,158 10,016 11,411 12,508 13,891 0.42 0.47 0.47 0.47 0.47

-STATE CONTRIBUTION 2,719 3,339 3,804 4,169 4,630 0.14 0.16 0.16 0.16 0.16

-INTEREST INCOME 6,908 8,078 8,601 8,424 8,528 0.35 0.38 0.36 0.31 0.29

-OTHER REVENUES 487 990 1,193 1,318 1,422 0.02 0.05 0.05 0.05 0.05

II-EXPENDITURES 6,592 12,571 14,585 16,589 18,662 0.34 0.59 0.61 0.62 0.62

-INSURANCE EXPENDITURES (3) 2,216 3,780 5,239 6,128 7,151 0.11 0.18 0.22 0.23 0.24

-OTHER EXPENDITURES 4,376 8,792 9,346 10,461 11,510 0.22 0.41 0.39 0.39 0.39

III-REVENUE-EXPENDITURE BALANCE 11,681 9,852 10,424 9,829 9,809 0.60 0.46 0.43 0.37 0.33

IV-TOTAL FUND WEALTH 93,080 102,931 113,355 123,184 132,993 4.77 4.79 4.72 4.59 4.45

(CURRENT PRICES, MILLION TL) (RATIOS TO GDP, PERCENT)

(1) Estimate

(2) Programme

(3) Unemployment benefit, short-time working allowance and expenditures of wage guarantee fund are included.

16

TABLE 15: FUNDS RESOURCES AND EXPENDITURES (1)

2015 2016 2017 2018 2019 2015 2016 2017 2018 2019

(2) (3) (3) (3) (2) (3) (3) (3)

I-RESOURCES 19,378 11,013 12,395 13,793 15,158 0.99 0.51 0.52 0.51 0.51

-TAX REVENUES 7,605 8,835 10,004 11,093 12,143 0.39 0.41 0.42 0.41 0.41

-NON-TAX REVENUES 5,676 1,871 2,048 2,305 2,573 0.29 0.09 0.09 0.09 0.09

-FACTOR INCOME (NET) 250 307 342 394 443 0.01 0.01 0.01 0.01 0.01

-CURRENT TRANSFERS (NET) 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00

-CAPITAL TRANSFERS (NET) 5,847 0 0 0 0 0.30 0.00 0.00 0.00 0.00

II-EXPENDITURES 8,962 15,429 13,078 14,004 15,055 0.46 0.72 0.54 0.52 0.50

-CURRENT EXPENDITURES 4,050 6,285 6,981 7,293 8,103 0.21 0.29 0.29 0.27 0.27

-FACTOR EXPENDITURES (NET) 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00

-GROSS CAPITAL FORMATION 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00

-CURRENT TRANSFERS (NET) 4,912 4,758 5,523 6,185 6,664 0.25 0.22 0.23 0.23 0.22

-CAPITAL TRANSFERS (NET) 0 4,386 575 526 288 0.00 0.20 0.02 0.02 0.01

III-REVENUE-EXPENDITURE BALANCE 10,416 -4,416 -683 -211 103 0.53 -0.21 -0.03 -0.01 0.00

IV-FINANCING -10,416 4,416 683 211 -103 -0.53 0.21 0.03 0.01 0.00

-FOREIGN BORROWING 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00

-FOREIGN DEBT REPAYMENT 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00

-DOMESTIC RECEIVABLES (NET) -9 31 82 92 102 0.00 0.00 0.00 0.00 0.00

-CHANGES IN CASH AND BANKS -10,406 4,386 601 119 -205 -0.53 0.20 0.02 0.00 -0.01

(1) Including Privatisation Fund, Defense Industry Support Fund, Social Aid and Solidarity Fund and Support Price Stabilisation Fund accounts.

(2) Estimate

(3) Programme

(CURRENT PRICES, MILLION TL) (RATIOS TO GDP, PERCENT)

17

TABLE 16: FINANCING OF OPERATIONAL SEEs INCLUDING PRIVATIZATION PORTFOLIO

(Nominal Prices, Million TL)

2015 2016 2017 2018 2019

(1) (2) (2) (2)

A.TOTAL REVENUES 141,926 117,669 121,951 128,137 128,582

I.OPERATING REVENUES 125,066 100,208 103,896 109,095 109,670

1.SALES OF GOODS & SERVICES 112,440 87,996 88,783 94,896 97,194

2.OTHER 12,626 12,212 15,113 14,199 12,475

II.INTERNALLY GENERATED FUNDS 5,872 5,565 6,025 6,445 6,653

1.DEPRECIATION 4,174 4,400 4,950 5,276 5,589

2.INFLATION ADJUSTMENT PROFIT/LOSS 0 0 0 0 0

3.PROVISIONS 1,698 1,165 1,075 1,169 1,064

III. BUDGET TRANSFERS 10,989 10,670 12,030 12,597 12,259

1. BUDGET 10,989 10,670 12,030 12,597 12,259

-CAPITAL 8,747 8,039 8,381 9,366 9,184

-DUTY LOSSES 2,242 2,631 2,862 2,366 2,124

-AID AND OTHER TRANSFERS 0 0 787 865 952

2. FUNDS 0 0 0 0 0

IV.OTHER REVENUES 0 1,227 0 0 0

B.TOTAL EXPENDITURES 140,329 113,693 117,354 122,819 124,960

I.OPERATIONAL EXPENDITURES 124,239 92,464 96,349 102,974 103,131

1.COST OF GOODS & SERVICES 103,322 71,627 77,910 84,072 83,251

2.OTHER 20,917 20,837 18,439 18,903 19,880

II.FIXED INVESTMENT 8,784 10,290 13,609 14,156 14,620

III.CHANGE IN STOCKS 2,707 1,091 709 -211 -12

IV. CHANGE IN FIXED ASSETS -76 4,081 652 667 847

V.INDIRECT TAXES 1,426 2,669 2,992 2,842 2,901

VI.DIVIDEND PAYMENTS 1,338 1,919 1,552 1,658 2,088

VII.OTHER EXPENDITURES 1,913 1,180 1,491 732 1,385

C.NET INCOME 1,597 3,976 4,596 5,318 3,622

D.FINANCING -1,597 -3,976 -4,596 -5,318 -3,622

I.CHANGE IN CASH BALANCES 605 726 -636 -165 1,073

II.DOMESTIC BORROWING (NET) -2,184 -2,896 -3,188 -2,843 -176

III.FOREIGN BORROWING (NET) -18 -1,806 -772 -2,310 -4,520

Remark: Due to changing number of companies in the Privatization Portfolio, the figures are varied from year to year.

(1) Estimate

(2) Programme

18

TABLE 17: FINANCING OF OPERATIONAL SEEs EXCLUDING PRIVATIZATION PORTFOLIO

(Nominal Prices, Million TL)

2015 2016 2017 2018 2019

(1) (2) (2) (2)

A.TOTAL REVENUES 134,637 111,135 114,283 119,937 119,928

I.OPERATING REVENUES 118,487 94,399 97,097 101,774 101,665

1.SALES OF GOODS & SERVICES 106,490 82,607 82,404 88,013 89,649

2.OTHER 11,997 11,792 14,693 13,761 12,016

II.INTERNALLY GENERATED FUNDS 5,559 5,253 5,710 6,123 6,325

1.DEPRECIATION 3,875 4,095 4,639 4,958 5,265

2.INFLATION ADJUSTMENT PROFIT/LOSS

3.PROVISIONS 1,683 1,158 1,072 1,165 1,060

III. BUDGET TRANSFERS 10,592 10,257 11,476 12,040 11,938

1. BUDGET 10,592 10,257 11,476 12,040 11,938

-CAPITAL 8,350 7,627 7,828 8,810 8,864

-DUTY LOSSES 2,241 2,630 2,861 2,365 2,123

-AID AND OTHER TRANSFERS 0 0 787 865 952

2. FUNDS 0 0 0 0 0

IV.OTHER REVENUES 0 1,227 0 0 0

B.TOTAL EXPENDITURES 133,591 106,194 109,105 114,257 115,925

I.OPERATIONAL EXPENDITURES 117,309 86,069 88,975 95,093 94,524

1.COST OF GOODS & SERVICES 97,707 66,597 71,877 77,539 76,069

2.OTHER 19,602 19,472 17,098 17,554 18,455

II.FIXED INVESTMENT 8,735 10,130 13,328 14,014 14,475

III.CHANGE IN STOCKS 2,993 130 180 -637 -173

IV. CHANGE IN FIXED ASSETS -115 4,103 596 565 735

V.INDIRECT TAXES 1,419 2,664 2,983 2,833 2,891

VI.DIVIDEND PAYMENTS 1,338 1,919 1,552 1,658 2,088

VII.OTHER EXPENDITURES 1,913 1,180 1,491 732 1,385

C.NET INCOME 1,046 4,941 5,178 5,680 4,003

D.FINANCING -1,046 -4,941 -5,178 -5,680 -4,003

I.CHANGE IN CASH BALANCES 679 842 -610 -135 1,103

II.DOMESTIC BORROWING (NET) -1,707 -3,977 -3,798 -3,232 -587

III.FOREIGN BORROWING (NET) -18 -1,806 -769 -2,312 -4,519

(1) Estimate

(2) Programme

19

TABLE 18: FINANCING OF SEEs IN PRIVATIZATION PORTFOLIO

(Nominal Prices, Million TL)

2015 2016 2017 2018 2019

(1) (2) (2) (2)

A.TOTAL REVENUES 7,289 6,534 7,668 8,200 8,654

I.OPERATING REVENUES 6,579 5,809 6,799 7,322 8,005

1.SALES OF GOODS & SERVICES 5,950 5,389 6,379 6,883 7,545

2.OTHER 629 420 420 438 460

II.INTERNALLY GENERATED FUNDS 313 312 315 322 328

1.DEPRECIATION 298 305 311 318 324

2.INFLATION ADJUSTMENT PROFIT/LOSS

3.PROVISIONS 15 6 4 4 4

III. BUDGET TRANSFERS 398 413 554 557 321

1. BUDGET 398 413 554 557 321

-CAPITAL 397 412 553 556 320

-DUTY LOSSES 0 1 1 1 1

-AID AND OTHER TRANSFERS 0 0 0 0 0

2. FUNDS 0 0 0 0 0

IV.OTHER REVENUES 0 0 0 0 0

B.TOTAL EXPENDITURES 6,739 7,499 8,249 8,562 9,035

I.OPERATIONAL EXPENDITURES 6,930 6,395 7,374 7,881 8,607

1.COST OF GOODS & SERVICES 5,615 5,030 6,033 6,532 7,183

2.OTHER 1,315 1,365 1,341 1,349 1,424

II.FIXED INVESTMENT 49 161 280 142 145

III.CHANGE IN STOCKS -286 960 529 427 161

IV. CHANGE IN FIXED ASSETS 39 -22 56 103 112

V.INDIRECT TAXES 7 5 9 10 10

VI.DIVIDEND PAYMENTS 0 0 0 0 0

VII.OTHER EXPENDITURES 0 0 0 0 0

C.NET INCOME 551 -965 -581 -361 -381

D.FINANCING -551 965 581 361 381

I.CHANGE IN CASH BALANCES -74 -116 -25 -29 -30

II.DOMESTIC BORROWING (NET) -477 1,082 610 389 412

III.FOREIGN BORROWING (NET) 1 0 -3 2 -1

Remark: Due to changing number of companies in the Privatization Portfolio, the figures are varied from year to year.

(1) Estimate

(2) Programme

20

TABLE 19: FIXED CAPITAL INVESTMENT

2015 2016 2017 2018 2019 2015 2016 2017 2018 2019

(1) (2) (2) (2) (1) (2) (2) (2)

1. CENTRAL GOVERNMENT 53,338 54,426 65,382 71,403 79,016 59.4 55.2 56.2 55.6 59.6

2. SEEs 8,784 10,290 13,609 14,156 14,620 9.8 10.4 11.7 11.0 11.0

NONFINANCIAL SEEs 8,735 10,130 13,328 14,014 14,475 9.7 10.3 11.5 10.9 10.9

SEEs UNDER PRIVATIZATION 49 161 280 142 145 0.1 0.2 0.2 0.1 0.1

3. PROVINCE BANK 1 0 0 0 0 0.0 0.0 0.0 0.0 0.0

4. REVOLVING FUNDS 2,203 1,889 1,046 1,109 1,192 2.5 1.9 0.9 0.9 0.9

5. SOCIAL SECURITY INSTITUTIONS 211 259 357 382 404 0.2 0.3 0.3 0.3 0.3

TOTAL 64,536 66,865 80,393 87,049 95,232 71.9 67.8 69.2 67.7 71.8

LOCAL ADMINISTRATIONS 25,239 31,804 35,848 41,473 37,440 28.1 32.2 30.8 32.3 28.2

TOTAL PUBLIC 89,775 98,668 116,241 128,522 132,672 100.0 100.0 100.0 100.0 100.0

TOTAL FIXED CAPITAL INVESTMENT 404,107 440,749 497,133 556,327 621,383 100.0 100.0 100.0 100.0 100.0

TOTAL PUBLIC (3) 95,271 104,499 122,304 134,794 139,135 23.6 23.7 24.6 24.2 22.4

PRIVATE 308,835 336,249 374,829 421,532 482,248 76.4 76.3 75.4 75.8 77.6

Source: Ministry of Development

(1) Estimate

(2) Program

(3) Central Government Budged's labor costs for investment projects were added to the public investmetns.

(At Current Prices Million TL.) (Percentage Share)

21

TABLE 20: FIXED CAPITAL INVESTMENT

2015 2016 2017 2018 2019 2016 2017 2018 2019

(1) (2) (2) (2) (1) (2) (2) (2)

1. CENTRAL GOVERNMENT 3,875 3,739 4,184 4,280 4,466 -3.5 11.9 2.3 4.4

2. SEEs 644 709 875 855 834 10.0 23.5 -2.3 -2.5

NONFINANCIAL SEEs 641 697 856 846 825 8.9 22.8 -1.2 -2.5

SEEs UNDER PRIVATIZATION 4 11 19 9 9 216.8 63.2 -52.7 -3.2

3. PROVINCE BANK 0 0 0 0 0

4. REVOLVING FUNDS 156 127 66 66 67 -18.6 -47.6 -0.2 1.5

5. SOCIAL SECURITY INSTITUTIONS 15 18 23 23 23 16.0 28.2 0.3 -0.2

TOTAL 4,691 4,592 5,148 5,225 5,391 -2.1 12.1 1.5 3.2

LOCAL ADMINISTRATIONS 1,896 2,238 2,340 2,548 2,171 18.0 4.6 8.9 -14.8

TOTAL PUBLIC 6,587 6,830 7,489 7,773 7,562 3.7 9.6 3.8 -2.7

TOTAL FIXED CAPITAL INVESTMENT 31,786 31,829 33,457 35,189 37,141 0.1 5.1 5.2 5.5

TOTAL PUBLIC (3) 6,990 7,234 7,879 8,152 7,930 3.5 8.9 3.5 -2.7

PRIVATE 24,795 24,595 25,577 27,037 29,211 -0.8 4.0 5.7 8.0

Source: Ministry of Development

(1) Estimate

(2) Program

(3) Central Government Budged's labor costs for investment projects were added to the public investmetns.

At 1998 Prices Million TL. Percentage Change

22