Bulgaria’s Budget Surplus Continues to Increase in September
Tuesday, 04 October 2016
The Bulgarian Ministry of Finance expects the Consolidated Fiscal Program (CFP) balance on a cash basis in the first nine months of 2016 to be positive to the tune of 1.7 billion euros, or 3.8% of the forecasted gross domestic product. In the first nine months of 2015 for example the surplus amounted to 319 million euros only, or 0.7% of the country’s GDP. In September 2016 the volume of revenues exceeded the expenses, which was mainly due to higher tax and non-tax revenues in the state budget. The level of expenses remains low, because the largest investment cost disbursements are are usually made at the end of the year, when the works are received. The improvement in the current CFP balance resulting from the excess of revenues over EU fund expenditures is considerable, with the EU funds surplus being 1.6% of the projected GDP, the Ministry of Finance further informs.