Bulgaria H1 2020 Budget surplus at 1.61B leva

Bulgaria H1 2020 Budget surplus at 1.61B leva

Bulgaria’s Finance Ministry said on July 31 that the consolidated Budget surplus for the first half of 2020 was 1.61 billion leva, exceeding the ministry’s forecast of 1.56 billion leva issued last month.

This was a 50 per cent drop compared to the same period of last year, when the country recorded a surplus of 3.23 billion leva.

The ministry said that the Covid-19 pandemic impacted the revenue side of the Budget due to the lockdown measures imposed in March to slow down the spread of the disease, with tax incomes lower than planned.

The ministry said that it expected the negative trend to continue in the coming months, but still forecast the Budget surplus to increase to 1.73 billion leva through the end of July.

The state Budget had a surplus of 1.1 billion leva and the EU funds surplus was 513.5 million leva. Bulgaria’s contribution to the EU budget for the first six months of 2020 was 688.6 million leva.

Revenue in January-June was 21.43 billion leva, a decline of about 860 million leva compared to the same period of last year. Tax revenues were down to 17.06 billion leva, compared to 17.69 billion leva in January-June 2019.

Budget spending was up to 19.82 billion leva in the first half, compared to 19.06 billion leva in the same period of 2019. Mainly, that was due to higher pension and health insurance payments resulting from the pension hikes in 2019 and increased wages in the public sector, the ministry said.

Cookies Preferences
Choose Type of Cookies You Accept Using

These cookies are required for the website to run and cannot be switched off. Such cookie are only set in response to actions made by you such as language, currency, login session, privacy preferences. You can set your browser to block these cookies but our site may not work then.

These cookies allow us to measure visitors traffic and see traffic sources by collecting information in data sets. They also help us understand which products and actions are more popular than others.

These cookies are usually set by our marketing and advertising partners. They may be used by them to build a profile of your interest and later show you relevant ads. If you do not allow these cookies you will not experience targeted ads for your interests.