Bulgaria’s Q1 Cons Budget Deficit Falls to 351 Mln Euro

Bulgaria’s Q1 Cons Budget Deficit Falls to 351 Mln Euro

Bulgaria's consolidated budget deficit fell to 687.2 million levs ($464.8 million/351.3 million euro) in the first quarter of 2012 from 741.9 million levs a year ago, preliminary figures from the finance ministry showed.

Revenues at the end of March totalled 5.96 billion levs, up by 7.7% on the year which was mainly due to the increase in budget revenues from Value Added Tax (VAT), the ministry said in a statement on Wednesday.

Expenditures, including Bulgaria's contribution to the EU budget, amounted to 6.64 billion levs at the end of March, which is 22.3% of the annual estimate.

Fiscal reserves totalled 4.5 billion levs in the first three months of the year.

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