Bulgaria Expects BGN 3.09 Budget Surplus for H1 2016

Bulgaria is expected to close the first half of 2016 with a consolidated budget surplus of BGN 3.09 B equivalent to 3.5% of 2016 GDP forecast, the Finance Ministry has said, citing preliminary data and estimates.

The consolidated budget showed a surplus of BGN 889.5 B (1.0% of GDP) for the first half of last year.

“Given the tax calendar, revenues are higher in the first half of the year, with the most significant tax receipts being concentrated in the months of March and April,” the Finance Ministry said in a monthly budget report on Friday.

“The parameters of tax revenue for this period are also influenced by improved collection,” the ministry added.

Half-year revenues and grants under the consolidated budget are expected at BGN 17.69 B, or 53.6% of 2016 plan.

Budget expenditure, including Bulgaria’s contribution to the EU budget, is expected to total BGN 14.60 B or 41.9% of 2016 forecast.

Bulgaria paid BGN 397.4 M into the EU budget in 2016 through June, the Finance Ministry said.

The ministry will release consolidated budget figures for the first half of 2016 at the end of July.

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