EU Closes Excessive Deficit Procedure Against Bulgaria

EU Closes Excessive Deficit Procedure Against Bulgaria

The EU's Economic and Financial Affairs Council said it has closed an excessive deficit procedure against Bulgaria opened in July 2010 and concluded its deficit has been corrected.

"Bulgaria reduced its general government deficit to 3.1% of GDP [gross domestic product] in 2010 and to 2.1% of GDP in 2011," the council said in a statement on Friday.

The Commission projects the deficit to continue falling to 1.9% of GDP in 2012 and to 1.7% of GDP in 2013, it added.

In 2010, the council recommended that Bulgaria take corrective measures as it had registered a general government deficit of 3.9% of GDP in 2009.

Currently, 21 of the EU's 27 member states remain subject to the excessive deficit procedure. A large number of procedures were opened subsequent to the global financial crisis and recession of 2008 and 2009.


Previous Next
Test Caption
Test Description goes like this
Cookies Preferences
Choose Type of Cookies You Accept Using

These cookies are required for the website to run and cannot be switched off. Such cookie are only set in response to actions made by you such as language, currency, login session, privacy preferences. You can set your browser to block these cookies but our site may not work then.

These cookies allow us to measure visitors traffic and see traffic sources by collecting information in data sets. They also help us understand which products and actions are more popular than others.

These cookies are usually set by our marketing and advertising partners. They may be used by them to build a profile of your interest and later show you relevant ads. If you do not allow these cookies you will not experience targeted ads for your interests.