Bulgaria Expects 1.2%/GDP Budget Surplus as of End-April

Bulgaria’s consolidated budget balance is expected to show a surplus of some BGN 1 B at the end of April, equivalent to 1.2% of the projected 2015 GDP, the Finance Ministry has said.

Citing preliminary data and estimates, the ministry said the expected figure will mark a turnaround from the deficit of BGN 864.5 M (1.1 % of GDP) recorded at the end of April 2014.

The expected budget surplus will extend the trend from end-March when the Finance Ministry reported a surplus of BGN 257.1 M equivalent to 0.3 % of the projected 2015 GDP.

“The higher revenues continue to be the main factor for the forecasted improvement of the budget balance. In addition to growth in tax revenues, special attention should also be paid to the amounts refunded by the European Commission in terms of grants,” the Finance Ministry said on its website. The ministry will release figures for revenue and spending under Bulgaria’s consolidated budget for the first four months of the year at the end of May.

Consolidated budget revenues and grants are expected to total BGN 11.3 B at the end of April, improving by 19.6% compared to the same period of 2014 and equivalent to 37.3% of the 2015 projection.

Budget expenditures including Bulgaria’s contribution to the EU budget is estimated to total BGN 10.3 B at the end of April, almost unchanged from the year-ago period and equivalent to 31.4% of the 2015 projection.

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