2010 Budget Deficit at 3.9% of GDP, Fiscal Reserve at Lv 6,011.8 Mln

2010 Budget Deficit at 3.9% of GDP, Fiscal Reserve at Lv 6,011.8 Mln

In 2010, Bulgaria's cash budget deficit stood at 2,783.4 million leva, or 3.9 per cent of GDP projections. It is calculated based on the monthly reports on the cash implementation of the budget of first-level budget spending units.

The figures are contained in a report by Deputy Prime Minister and Finance Minister Simeon Djankov on the implementation of the 2010 executive budget, adopted at Wednesday's cabinet meeting, the government information service said.

Bulgaria's budgetary position in 2010 was in line with the objectives laid out under the country's fiscal policy. In 2010, revenues and aid under the consolidated budget were 23,931.9 million leva, or 34 per cent of GDP projections against 36.5 per cent of GDP in 2009. Receipts from indirect taxes stood at 9,954.1 million leva, which is 101 per cent of the annual target.

Revenues from direct taxes were 3,384.5 million leva, or 97.3 per cent of the target. Revenues from corporate, income and property tax were 706 million leva, or 98 per cent of annual projections. By December 31, 2010, revenues from social insurance and health contributions stood at 4,964.3 million leva, or 96.1 per cent of the projected target. Non-tax revenues stood at 3,320.6 million leva, which is 97.7 per cent of the projected target.

In 2010, EU aid was 1,602.5 million leva, or 83 per cent of the target. Tax revenues under the executive budget were implemented at 100.2 per cent.

In 2010, expenditures under the consolidated budget, including Bulgaria's contribution to the EU budget, were 26,715.4 million leva, or 96.1 per cent of the annual projections.Pension and health care expenditures grew 917.6 million leva yearon- year, or 1.3 per cent of GDP projections. By December 31, 2010, Bulgaria's fiscal reserve stood at 6,011.8 million leva, or 8.5 per cent of GDP projections, BTA wrote.

 

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