Bulgaria Ends 2011 with Budget Gap of 2.1%/GDP

Bulgaria Ends 2011 with Budget Gap of 2.1%/GDP

Bulgaria closed last year with a budget deficit of 1.58 billion levs ($1.06 billion/807.8 million euro) on a cash basis, equivalent to 2.1% of the projected gross domestic product (GDP), the finance ministry said.

The budget deficit for 2011 is significantly lower than the previous estimates which put the budget gap at 1.96 billion levs, or 2.5% of the projected GDP, the ministry said in a statement.

Bulgaria closed 2010 with a budget gap of 2.82 billion levs, equivalent to 4.0% of its GDP.

In 2011 total budget revenues stood at 25.4 billion levs, which is one-third of the projected GDP, the statement said. Expenditures totalled 26.96 billion levs, or 95.7% of the projected figure.

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