Bulgaria Turns to Budget Surplus of 1.1% of GDP at End-June

Bulgaria Turns to Budget Surplus of 1.1% of GDP at End-June

Bulgaria’s central government budget showed a surplus of 890 million levs equivalent to 1.1% of the projected 2015 GDP, the Finance Ministry announced on Friday.
This compared with a budget deficit of 996.4 million levs, or 1.2% of GDP at the end of June 2014.
The turnaround to surplus was due to a 15-percent year-on-year increase in budget revenue and grants, which totalled 16.3 billion levs, or 53.7% of the 2015 plan at the end of June, the Finance Ministry said in a statement.
Tax revenue increased by 9.9%, reaching 12.3 billion levs or 51.2% of the 2015 plan.
Non-tax revenue was 10.7% higher, while grants, which comprised mostly EU funds, rose by 71.2%.
Budget spending, including Bulgaria’s contribution to the EU budget, totalled 15.4 billion levs or 46,9% of the annual plan. This was 1.6% higher compared with the end of June 2014.
The government’s fiscal reserve totalled 11 billion levs on 30 June 2015, including 10.8 billion levs deposited with the Bulgarian National Bank and other banks.
Citing preliminary data and estimates, the Finance Ministry said it expects to report next month a central government budget surplus of 801 million levs for end-July equivalent to 1% of the projected 2015 GDP. The preliminary figure is an improvement on end-July 2014 when the central government budget was 1.15 billion levs in the red, equivalent to 1.4% of GDP.
 
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