Bulgaria posts budget surplus of 1.3% of GDP in January-April

By bne IntelliNews June 1, 2015

Bulgaria’s consolidated budget showed a surplus of BGN1.07bn (€545mn) in January-April, reversing a deficit of BGN864.5mn in the same period of 2014, the finance ministry said. The four-month surplus is equal to 1.3% of the projected 2015 GDP.

The government targets to reduce this year’s budget deficit to 3% of GDP from 3.7% in 2014.

Budget revenues and grants increased 19.8% y/y to BGN11.3bn in January-April, expenditures edged down 0.1% y/y to BGN9.9bn, and the contribution to the EU budget declined by 10.8% y/y to BGN376.1mn.

Grants jumped 2.6 times y/y to BGN1.5bn due to EU grants representing refunded expenditures from the previous year, the ministry said. Tax revenues climbed 10.8% y/y to BGN8.32bn. The strongest growth was registered in indirect taxes, followed by revenues from social and health insurance contributions.

On the expenditure side, the highest y/y increases were reported for interests (+31.7% to BGN272.1mn) and capital expenditure and net state reserve gain (+7% to BGN1.14bn).

The ministry also announced preliminary data indicating a budget surplus of BGN1.15bn for January-May, the biggest five-month surplus since 2008.

Consolidated budget, BGNmn      
  Jan-Apr'14 Jan-Apr'15 % y/y
Revenue and grants 9,453.8 11,330.0 19.8%
Tax revenue 7,510.3 8,319.8 10.8%
Nontax revenue 1,360.6 1,507.1 10.8%
Grants 582.8 1,503.1 157.9%
Expenditure 9,896.6 9,887.2 -0.1%
Wages and Salaries  1,482.4 1,489.9 0.5%
Social and health insurance contributions  457.1 458.1 0.2%
Maintenance  1,446.7 1,371.8 -5.2%
Interests 206.5 272.1 31.7%
Social expenditure, scholarships  4,658.4 4,623.2 -0.8%
Subsidies  578.9 531.5 -8.2%
Capital expenditure and net state reserve gain 1,066.5 1,140.7 7.0%
Contribution to the EU budget 421.7 376.1 -10.8%
BUDGET BALANCE -864.5 1,066.6 -
Source: Ministry of finance      
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