Bulgaria January-April 2017 Budget surplus at 1.59B leva

Bulgaria’s Finance Ministry said that the consolidated Budget surplus for the first four months of 2017 was 1.59 billion leva, or 1.6 per cent of this year’s estimated gross domestic product, falling just short of the ministry’s 1.6 billion leva forecast issued last month.

The figure represented a decline of one percentage point of GDP compared to the same period of 2016, when Bulgaria recorded a Budget surplus of 2.35 billion leva. For May, the ministry forecast a Budget surplus of 1.65 billion leva at the end of the month.

The state Budget had a surplus of 1.56 billion leva and the EU funds surplus was 29.7 million leva. Bulgaria’s contribution to the EU budget for the first four months of 2017 was 285.6 million leva.

Revenue in January-April was 12.02 billion leva, down 1.3 per cent compared to the same period of last year. The Finance Ministry said that tax and non-tax revenue was up by 6.8 per cent, but the overall decline was due to the lower amount of aid received by the budget, mainly due to the high amount of EU payments made in the early months of last year, which set a high baseline for this year. Tax revenues were up by 8.7 per cent compared to the first four months of last year, at 9.99 billion leva.

Budget spending was 10.43 billion leva in January-April, up from 9.82 billion leva in the same period of 2016. In part, that was due to higher pension and health insurance payments resulting from the pension hike in July 2016, the ministry said.

(Photo: Sanja Gjenero)



The Sofia Globe staff

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