Final Figures Show Bulgaria's Government Debt at 5.8 % in 2014Finance | October 21, 2015, Wednesday // 16:05| views
According to final figures of the National Statistical Institute (NSI), the government deficit of Bulgaria exceeded BGN 4.8 B in 2014, which represented 5.8 % of the country's GDP.
In 2014, the government debt of Bulgaria exceeded BGN 22.5 B, which represented 27 % of the country's GDP.
In this respect, Bulgaria registered the third lowest government debt to GDP ration in the 28 member states of the EU.
The difference between the preliminary and final figures on Bulgaria's deficit is due to the reclassification of the Deposit Insurance Fund inside general government, which led to BGN 2.6 B increase in deficit and BGN 0.13 B decrease in debt.
The Deposit Insurance Fund has been responsible for the repayment of guaranteed deposits in the collapsed Corporate Commercial Bank (KTB).
Overall, the government deficit of the 28 EU member states in 2014 decreased compared to 2013, while the government debt increased.
According to the latest figures of Eurostat, the government deficit to GDP ratio of the EU-28 decreased from 3.3 % to 3 %, while the government debt to GDP ratio increased from 85.5 % to 86.8 %.
In 2014, only four member states registered a government surplus – Denmark, Luxembourg, Estonia and Germany.
The lowest government deficits were registered in Lithuania, Romania, Latvia, Sweden and the Czech Republic.
A total of fourteen member states, including Bulgaria, had deficits equal to or higher than 3 % of GDP.
Estonia had the lowest government debt to GDP ratio, followed by Luxembourg, Bulgaria, Romania, Latvia and Lithuania.
A total of sixteen member states had government debt to GDP ratio exceeding 60 %, the highest ones registered in Greece, Italy, Portugal, Cyprus, Ireland and Belgium.
The government expenditure in the EU-28 amounted to 48.2 %, while the government revenue stood at 45.2 %.
Both the government expenditure and government revenue ratios decreased in 2014 compared to 2013.