Bulgaria Fin Min Lowers 2016 Budget Gap Target to 1.9%/GDP

Bulgaria Fin Min Lowers 2016 Budget Gap Target to 1.9%/GDP

Bulgaria's finance ministry has revised down its 2016 budget gap target to 1.9% of GDP from 2.0% previously, it said in its mid-term budget draft.
The ministry confirmed its deficit targets for 2017 and 2018 at 1.4% and 1%, respectively, and projected a shortfall of 0.5% of GDP for 2019, the document, which was published late on Thursday, showed.
The targeted budget deficit will be reached by reducing the level of expenditures as percentage of GDP as well as increase in tax revenues, particularly in 2017 and 2018.
Bulgaria's government debt is expected to stay below 30% of GDP by the end of 2019, compared to 25.7% as at end-February.
Last week, the finance ministry projected the country's economic growth to decelerate from a seven-year peak of 3.0% last year to 2.1% this year, before picking up to 2.5% next year.

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