Bulgarias general budget deficit narrows by 37.6% y/y in Jan 2012.

By bne IntelliNews March 2, 2012
The general budget posted a deficit of BGN 297.8mn (EUR 152.3mn) in January 2012, down by 37.6% y/y, according to preliminary data of the finance ministry. The gap accounted for 0.36% of the full-year GDP projection as compared to 0.63% of GDP a year earlier. Total budget revenues increased by nominal 13.4% y/y and 10.8% y/y in CPI-deflated terms. The respective increases in tax revenues were very close to the total. VAT revenues, up by nominal 25.1% y/y to nearly 50% of the total revenues, had the largest contribution for the revenues expansion. Total expenditures rose by 2.1% y/y in January. The general budget deficit fell by 43.2% y/y to BGN 1.58bn (EUR 809mn) in 2011 to 2.1% of the full-year GDP flash estimate, running below the target of 2.5% of GDP set in the budget law. The government will target a budget deficit of 1.35% of the projected full-year GDP in 2012.

Bulgarias general budget deficit narrows by 37.6% y/y in Jan 2012.

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