Bulgaria’s Jan Cons Budget Deficit Shrinks to 152.3 Mln Euro
Bulgaria's consolidated budget deficit shrank to 297.8 million levs ($204.7 million/152.3 million euro) in January from 477.3 million levs a year ago, finance ministry figures showed.
The budget balance in January improved by 179.5 million levs, the ministry said in a statement on Thursday.
Budget revenues rose by 13.4% on the year to 1.9 billion levs at the end of January, equivalent to 6.6% of the projected gross domestic product (GDP). Government expenditures in January also rose, by 2.1% on the year, and totalled 2.2 billion levs.
The state fiscal reserve amounted to 4.0 billion levs at the end of the first month of 2012, declining by 1.0 billion levs from the end of last year. The decrease was mainly due to payments made to service the country's internal and external debt and subsidies to local farmers.