Bulgaria Reports Prelim BGN 952 M Budget Surplus for January

Bulgaria’s consolidated budget is expected to show a surplus of BGN 952 M for January equivalent to 1.1% of the projected 2016 GDP, according to preliminary data and estimates of the Finance Ministry.

This compared with a consolidated budget deficit of BGN 69.1 M equivalent to 0.1% of GDP reported in January last year, the Finance Ministry said in a monthly budget statistical report.

The turnaround to budget surplus for the month of January was mainly due to a growth in tax and non-tax revenues and grants and a drop in expenditure, the Finance Ministrry said.

“The revenue growth of 26% forecast for the first month of 2016 goes considerably ahead of the one reported for the same month of 2015 and 2014, 19.3% and 15.8%, respectively.”

Consolidated budget revenues and grants for January 2016 were estimated at BGN 3.11 B, or 9.4% of the 2016 plan, rising by BGN 643 M from January 2015. Tax and non-tax revenues increased by BGN 461.8 M, while grant proceeds grew by BGN 181 M.

Consolidated budget spending for January totalled BGN 2.16 B, or 6.2% of the 2016 plan. By comparison, expenditures for January 2015 totalled BGN 2.40 B

The Finance Ministry will publish updated figures for revenue and spending in January under the 2016 consolidated budget at the end of February.

Bulgaria closed last year with a consolidated budget deficit of BGN 2.47 B, equivalent to 2.9% of the projected GDP.

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