Bulgarias general budget posts EUR 126.9mn surplus in Jan-Sep .

By bne IntelliNews November 1, 2012

Bulgarias general budget netted a surplus of 248.1mn (EUR 126.9mn) in Jan-Sep as compared to BGN 826mn deficit a year earlier, according to finance ministry data. The cumulative balance has been positive in the last five reporting periods. In September alone, the balance turned to BGN 140.5mn surplus (against negative monthly balance of BGN 92mn in August) as revenues added 3.1% y/y, while expenditures (including the contribution to the EU budget) fell for the first time since April by 7.7% y/y due to lower capital expenditure and interest payment in the current year. On Jun 22, the Economic and Financial Affairs Council (ECOFIN) closed the excessive deficit procedure (EDP) for Bulgaria due to consistently low general government deficit (below EU's 3% of GDP reference value). The budget gap will drop to 1.1% of GDP this year, below the government's 1.4% deficit expectation, according to the IMF. Bulgaria will target a 1.3% of the projected full-year GDP budget deficit in 2013, according to 2013 budget draft.

Consolidated budget, BGN mn	Jan-Sep 2012	Jan-Sep 2011	y/y
Revenue and grants	19,983.9	18,353.6	8.9%
Tax revenue	15,993.8	15,082.4	6.0%
Nontax revenue	2,843.1	2,548.4	11.6%
Grants	1,147.0	722.8	58.7%
Expenditure	19,107.0	18,651.5	2.4%
Wages and Salaries	2,970.6	2,921.8	1.7%
Social and health insurance contributions	769.4	756.5	1.7%
Maintenance	3,012.7	3,013.6	0.0%
Interests:	518.7	489.8	5.9%
Social expenditure, scholarships	8,853.1	8,444.8	4.8%
Subsidies	850.2	1,157.5	-26.5%
Capital expenditure and net state reserve gain	2,132.3	1,867.5	14.2%
BG contribution to the EU budget	628.8	528.1	19.1%
Budget balance	248.1	-826.0
Source: Finance ministry	0.0	0.0

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Bulgarias general budget posts EUR 126.9mn surplus in Jan-Sep .

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Bulgarias general budget posts EUR 126.9mn surplus in Jan-Sep .

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