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.
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