Bulgaria's Finance Ministry Foresees Budget Surplus as of end-August

The Finance Ministry has said it expects a BGN 3.3 B consolidated budget surplus as of the end of August.

The figure amounts to 3.7% of the gross domestic product (GDP), compared to a 0.7% surplus over the first eight months of last year.

A continuing growth in revenues, combined with the containment of expenditures compared to the same period of last year, is what has caused the development.

Revenues and grants under the consolidated budget amounted to BGN 23 B, or 69.8% of the 2016 plan, at the end of August. Compared to the first eight months of 2016, revenues and grants have increased by BGN 1.5 B.

Expenditures under the consolidated budget, including Bulgaria’s contribution to the EU budget, totalled BGN 19.7 B for the first eight months, or 56.7% of the total amount planned for 2016. This compared with expenditures of BGN 20.9 B for the same period last year.

As of end-August, Bulgaria has paid off BGN 536.4 M of its contribution to the EU budget.

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