Bulgaria Turns to Cons Budget Surplus in Jan-May

Bulgaria Turns to Cons Budget Surplus in Jan-May

Bulgaria turned to a consolidated budget surplus of at least 67.4 million levs ($43 million/34.5 million euro) in the first five months of 2012, preliminary finance ministry figures showed.

"A minimum surplus to the amount of 67.4 million levs is reported at end-May under the consolidated budget which is formed by a national budget surplus of 334.5 million levs and an EU funds deficit of 267.0 million levs," the ministry said in a statement on Tuesday.

The ministry attributed the budget surplus to "the better performance of the revenue side of the budget".

In January-May 2011 the country's consolidated budget posted a deficit of some 598 million levs.

Bulgaria's fiscal reserve amounted to 5.0 billion levs at end-May 2012.

Detailed consolidated budget data for the first five months of 2012 will be published at the end of the month.

Bulgaria closed last year with a budget deficit of 1.58 billion levs, equivalent to 2.5% of the country's projected gross domestic product. The government plans to bring down its budget shortfall to 1.3% of GDP this year.

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