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|
|Revenue and grants||9,453.8||11,330.0||19.8%|
|Wages and Salaries||1,482.4||1,489.9||0.5%|
|Social and health insurance contributions||457.1||458.1||0.2%|
|Social expenditure, scholarships||4,658.4||4,623.2||-0.8%|
|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%|
|Source: Ministry of finance|
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