Bulgaria Turns To Cons Budget Surplus of 31.9 Mln Euro in H1

Bulgaria Turns To Cons Budget Surplus of 31.9 Mln Euro in H1

Bulgaria turned to a consolidated budget surplus of 62.4 million levs ($39.2 million/31.9 million euro) in the first half of 2012, finance ministry data indicated.

In January-June 2011 the country ran a consolidated budget deficit of some 650 million levs, the ministry said in a statement published on Wednesday.

Compared to the same period of last year, Bulgaria's first-half budget balance on a cash basis increased by 712.1 million levs, equivalent to 1.0 percentage point of the gross domestic product, the statement added.

At end-June, budget revenues totalled 13.22 million levs, up by 9.8% on the year, as the increase was mainly due to higher indirect tax, non-tax and grant revenue.

The fiscal reserve at the end of June amounted to 5.1 billion levs.


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