Bulgaria's Finmin Sees End-Oct Budget Surplus at 2.6%/GDP

Bulgaria's Finmin Sees End-Oct Budget Surplus at 2.6%/GDP

Bulgaria's finance ministry said that it expects the consolidated budget to show a surplus of 2.86 billion levs ($1.66 billion/1.46 billion euro) at the end of October, equivalent to 2.6% of the projected 2018 gross domestic product (GDP). Consolidated budget revenues are expected to be 3.4 billion levs higher on the year at 32.6 billion levs at the end of October, or 85.3% of the full-year plan, boosted by increased tax and non-tax revenues, the ministry said in a statement on Wednesday citing preliminary estimates. Consolidated budget expenditures are projected to total 29.7 billion levs at the end of October, or 75.7% of the full-year plan. Consolidated budget expenditures at end-October 2017 amounted to 26.7 billion levs. In a separate statement the finance ministry said that country's consolidated budget showed a surplus of 2.66 billion levs at the end of September, equivalent to 2.5% of the projected GDP. Bulgaria's finance minister Vladislav Goranov said last month that the country is likely to end the year with a balanced budget or a surplus, due to improved tax collection and expenditure that has been budgeted but not made, mainly related to EU funds.

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