Bulgaria's Consolidated Budget Shows First Surplus since 2008
Monday, 30 January 2017
Bulgaria's full-year 2016 consolidated budget showed a surplus equivalent to 1.6% of the projected gross domestic product (GDP), compared to a deficit of 2.8% of GDP in 2015, the finance ministry said.
The turnaround to budget surplus was Bulgaria's first since 2008, the ministry said in a statement late on Wednesday.
A deficit equivalent to 2% of GDP was initially projected in the 2016 budget.
The consolidated budget surplus amounted to 1.5 billion levs ($808.4 million/766.6 million euro) at end-2016, compared to a deficit of 2.5 billion levs in 2015, the ministry said.
Full-year consolidated budget revenue increased by 1.75 billion levs compared with 2015, reaching 33.95 billion levs at end-December, or 102.8% of 2016 plan, on the back of increased tax and non-tax revenues.
Full-year expenditures totalled 32.5 billion levs at end-December, compared to 34.7 billion levs in 2015. The figure represents 93.3% of the full-year 2016 expenditure target.
Bulgaria's 2017 budget targets a deficit equivalent to 1.4% of the projected GDP, which is expected to grow by a real 2.5% to 92.4 billion levs. The fresh borrowing which the government will be allowed to make under the 2017 budget is set at 1.2 billion levs.