Bulgarias general budget gap widens to EUR 274 in Jan 2013.

By bne IntelliNews March 4, 2013
The general budget posted a deficit of BGN 536.5mn (EUR 274.3mn) in January 2013, up by 80% compared to the deficit reported in the same month of the previous year, according to preliminary data of the finance ministry. The gap accounted for 0.7% of the full-year GDP projection as compared to 0.4% of GDP a year earlier. The deterioration came on the back of 6% annual drop of budget revenues. In CPI-deflated terms, the revenues drop was even larger - close to 10%. Tax revenue inflow shrank by 7.9% y/y in January but the ministry expects that the tax proceeds decline is only temporary (due to amendments in tax declaration deadlines) and will be compensated in the coming months. Total expenditures (including the country's contribution to the EU budget) rose by 5.8% y/y in January. The annual increase in expenses was mainly due to larger interest payments in the first month of the year, in line with scheduled government debt service payments. The general government budget ended 2012 with BGN 350mn (EUR 179mn) deficit, representing 0.5% of GDP. Bulgaria will target a 1.3% of the projected full-year GDP budget deficit in 2013, according to 2013 budget law.
Consolidated Government Budget, BGN mn Jan-13 Jan-12
Revenue 1,788 1,900
Tax revenue 1,505 1,634
Nontax revenue 279 266
Expenditure 2,234 2,136
Wages and Salaries 326 296
Social and health insurance contributions 102 78
Maintenance 283 271
Interests: 293 237
Social expenditure, scholarships 1,030 968
Subsidies 50 165
Capital expenditure and net state reserve gain 150 121
BG contribution to the EU budget 90 62
Budget balance -536 -298
Source: MinFin

Bulgarias general budget gap widens to EUR 274 in Jan 2013.

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