Turkey's central government budget has run a $1.6 billion deficit in the first half of 2014, a favorable figure in the light of the year-end estimations, a cabinet minister said on Tuesday.

Finance Minister Mehmet Simsek told a press conference in Ankara that the government budget deficit of Turkey between January-June period stood at $1.6 billion.

He said there was no need for introducing new measures since the figures were in line with budget targets.

"We forecast a budget deficit of $15.7 billion for 2014 and so far we have had a $1.6 billion deficit. This means we have only 10 percent of the year-end estimated deficit in first half of the year," Simsek said. "We are confident that we will achieve the target."

According to the finance ministry, Turkey's government budget revenues have reached $99.3 billion with a 10.2 percent increase compared to the same period of 2013.

Budget expenditures in the first half of the year rose to $100.9 with a 13.8 percent increase year-on-year.

Stressing that Turkey showed a strong 4.3 percent growth performance in the first quarter, Simsek said recent statistical figures showed this performance was still on track despite many difficulties for the economy including capital outflow from emerging economies, political turmoil prior to local elections and geo-political challenges in the region.

He estimated that the negative effects of the crisis in Iraq, second largest export market of Turkey, will be leveled by the recovery in Europe, the largest export market of Turkey.

"Geopolitical challenges pose a negative risk for the growth outlook of Turkey. They can affect the investment climate negatively. But recovery in Europe has potential to offset the effects of the Iraqi crisis. We are confident to catch the year-end 4 percent growth target."

Simsek expressed that his ministry expected a year-end current account deficit much lower than the medium-term economic program targets thanks to competitive local currency, slowing inflation and moderate growth in domestic demand.