Bulgaria Turns to Cons Budget Surplus of 34.5 Mln Euro in Jan-May

Bulgaria Turns to Cons Budget Surplus of 34.5 Mln Euro in Jan-May

Bulgaria turned to a consolidated budget surplus of 67.4 million levs ($42.8 million/34.5 million euro) in the first five months of 2012, finance ministry data indicated.

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

The budget surplus through May was formed by a surplus of 334.5 million levs in the national budget and a deficit of 267.0 million levs on the EU funds, the finance ministry said.

Bulgaria's nominal budget expenditures grew by 3.3% on the year through May due to the increased costs under EU-funded programmes, while national budget expenditures contracted by 39.9 million levs.

Fiscal reserves amounted to 5.0 billion levs at the end of May.

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