Bulgaria Ends 2012 with Budget Gap of 0.5%/GDP

Bulgaria Ends 2012 with Budget Gap of 0.5%/GDP

Bulgaria closed last year with a budget deficit of 350.2 million levs ($242.6 million/179.1 million euro) on a cash basis, equivalent to 0.45% of the projected gross domestic product (GDP), the finance ministry said.

The 2012 budget deficit is considerably lower than the forecast of 1.09 billion levs, or 1.3% of the projected GDP, in the 2012 budget bill, the ministry said in a statement.

Bulgaria closed 2011 with a budget gap of 1.49 billion levs, equivalent to 2.0% of its GDP.

Last year, Bulgaria's budget revenues amounted to 27.5 billion levs, or 35.4% of the projected GDP. Expenditures totalled 27.8 billion levs, or 93.2% of the projected amount.

At the end of 2012, Bulgaria's fiscal reserves amounted to 6.1 billion levs, equivalent to 7.8% of the projected GDP.

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