Bulgaria's budget deficit in Eurostat methodology cut to 3.1% of GDP in 2010.

By bne IntelliNews October 24, 2011
The national statistical institute published revised data showing that the budget deficit on an accrual basis, which is used for estimating the criterion for EU adoption, reached 3.1% of GDP. According to preliminary estimates, the gap was 3.2% of GDP while the budget law was targeting a budget deficit of 3.8% of GDP. In 2009, the budget gap has been revised to 4.7% of GDP from initial 3.9% of GDP. The central government accounted for the largest amount of the deficit in 2010 (2% of GDP as compared to 2.4% in the initial estimate), followed by the social security funds (1.1% of GDP, unchanged from the preliminary announcement) and the local governments (deficit of less than 0.01% of GDP as compared to positive stance in the initial readings). The revision (downwards by BGN 61.2mn, EUR 31.3mn) is based on updated tax revenues data, the financial reports of the state hospitals and companies, as well as revised financial figures of the local governments. The deficit of the all EU 27 member states was reported at 6.6% of GDP last year and Bulgaria ranked the sixth best performing country after Estonia (surplus of 0.2% of GDP in 2010), Sweden ((surplus of 0.2% of GDP), Luxembourg (deficit of 1.1% of GDP), Finland (deficit of 2.5% of GDP) and Denmark (deficit of 2.6% of GDP). The government debt of Bulgaria reached 16.3% of GDP last year as compared to 80.2% of GDP in the EU 27 and the indicator was the second lowest after Estonia (6.7% of GDP). The target for this year is for a budget deficit of 2.5% of GDP but according to finance minister Simeon Dyankov the budget will perform better.
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