Bulgaria's Jan-Feb Cons Budget Deficit Falls to 288.9 Mln Euro

Bulgaria's Jan-Feb Cons Budget Deficit Falls to 288.9 Mln Euro

Bulgaria's consolidated budget deficit fell to 565 million levs ($385.8 million/288.9 million euro) in the first two months of the year from 750.5 million levs a year ago, preliminary finance ministry figures showed.

Budget revenues amounted to 3.68 billion levs through February, up by a nominal 11.5% from the same period last year, the ministry said in a statement. The increase was mostly due to higher Value Added Tax (VAT) proceeds.

Consolidated spending through February totalled 4.25 billion levs, registering a slight increase mostly due to subsidies and capital expenditures aimed at accelerating EU funds absorption.

In early March the European Commission reimbursed 683.9 million levs paid from the state budget under the Single Payment Scheme in December and January, which compensated the temporary decline in the fiscal reserve, the statement added.


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