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

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

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