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.