Bulgarian Parliament Passes State Budget 2014

Bulgaria’s Parliament approved at second reading Monday the state budget for 2014.

The budget envisions a GDP growth of 1.8% and a state debt of BGN 18 B by the end of 2014.

The deficit is forecast to narrow to 1.8% of GDP from 2% in 2013 and contract more to 1.5% and 1.1% of GDP in 2015 and 2016.

The minimum salary in the country will be increased to BGN 340 as of January 1, 2014.

A total of BGN 19.262 B will be spent on income, grants and donations. The stipulated expenses amount to BGN 9.899 B. Budget transfers come up to BGN 9.794 B net worth.

The contribution to the EU budget for next year will be BGN 904.6 M.

The new Growth and Sustainable Development of Regions Public Investment Program will receive the largest amount of funding – BGN 500 M.

The structural measures and educational development programs will receive up to BGN 100 M. Those include BGN 22 M raising of the state university subsidy. It will be calculated based on a complex assessment of the quality of education and will be bound to the labor market demands.

Innovation development programs will be funded with some BGN 20 M. Another BGN 20 M will be channeled into the Armed Forces' combat trainings.

A total of BGN 150 M is stipulated in the state budget 2014 for investments and programs in the energetics. The fundings will come from the new 20% tax for the solar power and wind energy producers.

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