Bulgaria's budget deficit for 2012 is third lowest in EU according to Eurostat
Bulgaria posted one of the lowest budget deficits in 2012, according to data published by Eurostat. The government deficit of the country last year was only 0.8% of GDP as compared to an average of 4% for the EU.
According to information by the finance ministry, Bulgaria's general government budget recorded BGN 350mn (EUR 179mn) deficit, representing 0.5% of GDP in 2012. The difference between the finance ministry and Eurostat data is due to different methodologies used in calculation of the deficit. The ministry calculates the data on a cash basis while Eurostat presents it on an accrual basis. The Eurostat figure is used as a reference in the excessive deficit procedure (EDP).
Bulgaria also managed to keep its position of the second least indebted member state. The government debt to GDP ratio stood at only 18.5% in 2012 against an average of 85% for the EU. The ratio will decrease even further when the Q1 2013 data are out due to a global bond retirement in January.
Related Articles
Bulgarian battery maker Monbat acquires two German lithium ion businesses
Bulgarian lead acid battery producer Monbat Group has acquired two lithium ion battery businesses in Germany, Monbat said in a bourse filing on June 26. The price of the ... more
SpaceX successfully launches Bulgaria’s first geostationary communications satellite
US corporation SpaceX said that its Falcon 9 rocket had successfully launched Bulgaria’s first geostationary communications satellite – BulgariaSat-1 – into orbit on June ... more
Migrant flow diverts from Western Balkans to Bulgaria
There is still a flow of migrants through the Balkans, and their route has changed, with the southern entry point shifting from the Greek islands to Bulgaria’s land border with Turkey, German ... more
Most Read This Week
- VISEGRAD: The strange death of Social Democratic Czechia
- MACRO ADVISER: Russia's Asian pivot starts to pay off
- Moldova, Bulgaria, Poland, Albania and Latvia to lose more than 40% of their populations by 2100
- COMMENT: Is Moldova’s new election system a threat to democracy?
- Visegrad states react according to script to EU summit's calls for reform
Selected articles from our premium news/views
wire
IntelliNews
Pro
IntelliNews- Belarus central bank to cut key rate by 1 pp to 12% in July
- EBRD to fund household energy efficiency investments in Romania
- Georgian gov't hires Boston-based PR firm to lobby Congress
- Turkey to issue bonds to bring "under mattress" gold into economy
- Strike shuts down production at Serbia's top exporter Fiat Kragujevac
- More from IntelliNews Pro