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.
|
Related Articles
EC urges Bulgaria to comply with EU rules on free movement of capital.
The EC has sent a reasoned opinion to Bulgaria over failure to comply with EU rules on the free movement of capital, the EC said on its website. The privatisation act in Bulgaria introduces ... more
Govt seeks delay of antitrust rules violation procedure against Bulgaria.
Bulgaria will be seeking an extension of the court procedure filed by the EC against the country over irregularities found in the assignment of digital broadcast spectrum, transport minister ... more
Bulgarians hold EUR 100mn in deposits in Cyprus.
Bulgarian individuals and companies hold EUR 100mn in Cypriot banks according to ECB data, BTA reported quoting Reuters. The largest EU depositors in the crisis-hit country are Greece with EUR ... more