Bulgaria's Budget gap narrowed to 732M leva in January-August 2011

Bulgaria's Budget gap narrowed to 732M leva in January-August 2011

Bulgaria's Budget deficit contracted to 732 million leva in the first eight months of 2011 from 1.537 billion leva in the same period in 2010, the Finance Ministry said on September 18 2011.The figure is equivalent to one per cent of Bulgaria's gross domestic product (GDP) forecast in 2011, compared to 2.2 per cent in 2010.In August, the Budget ran up a deficit of 11 million leva.Revenue and receipts from all Budget programmes of state institutions, including the national Budget, rose by six per cent to 16.24 billion leva as of end-August, or 62 per cent of the volume projected for the entire 2011.The increase in revenue was attributed to higher proceeds from taxes, with receipts from indirect taxes rising by 13 per cent on the year. Revenue from social and health care contributions, as well as direct taxes, also recorded an increase in the period.Total spending, including transfers to the EU budget, edged higher by 0.8 per cent to 16.973 billion leva, about 60 per cent of the Government's target.The fiscal reserve was five billion leva at the end of August. (Source: The Sofia Echo)

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