Bulgaria's finmin sees end-Aug budget surplus at 1%/GDP

Bulgaria's finmin sees end-Aug budget surplus at 1%/GDP

Bulgaria's finance ministry said that it expects the consolidated budget to show a surplus of 1.1 billion levs ($618 million/562 million euro) at the end of August, equivalent to 1.0% of the projected 2019 gross domestic product (GDP). Consolidated budget revenues are expected to be 3.32 billion levs higher on the year at 29.30 billion levs at the end of August, or 66.8% of the full-year plan, the ministry said in a statement on Friday.Consolidated budget expenditures at the end of August are projected to be equal to 60.9% of the full-year plan, or 28.20 billion levs. At the end of August 2018, the country's budget expenditures amounted to 23.59 billion levs.In a separate statement on Friday, the finance ministry said that country's consolidated budget showed a surplus of 3.22 billion levs at the end of July, equivalent to 2.8% of the projected GDP.In July, Bulgaria's parliament approved a 1.829 billion levs increase in the deficit targeted by the 2019 budget, to 2.228 billion levs. The change reflects a $1.256 billion deal with the US for purchase of eight F-16 fighter jets, and a cut in planned expenses for other projects for modernisation of the capabilities of Bulgaria's armed forces.

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