Bulgarias 2010 budget deficit at 3.9% of GDP, beats target.

By bne IntelliNews January 13, 2011
Bulgaria had a preliminary budget deficit of BGN 2.8bn (EUR 1.4bn) on a cash basis, equal to 3.9% of the projected GDP, beating government target of 4.8%, the finance ministry said in a statement. The accrual deficit, which is measured according to EU accounting rules, represented 3.6% of the GDP. The finance ministry said the 2010 state revenues were slightly over 100% of the projected figure. The fiscal reserve stood at BGN 6bn at the end of December 2010. In June 2010, the cabinet revised the 2010 state budget, raising the deficit target to 4.8% of GDP from 0.7%. The 2011 state budget envisages economic growth of 3.6% and a budget deficit of 2.5% of GDP. The ministry will provide detailed data on the 2010 budget on January 31, 2011.

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