Bulgaria’s Finance Ministry said that the consolidated Budget surplus for the first five months of 2017 was 1.68 billion leva, or 1.7 per cent of this year’s estimated gross domestic product, exceeding the ministry’s 1.65 billion leva forecast issued last month.
The surplus through five months of this year was more than a billion leva short of the figure in the same period of 2016, when Bulgaria recorded a Budget surplus of 2.77 billion leva. For June, the ministry forecast a Budget surplus of 1.74 billion leva at the end of the month.
The state Budget had a surplus of 1.71 billion leva and the EU funds showed a deficit of 23.7 million leva. Bulgaria’s contribution to the EU budget for the first five months of 2017 was 363.7 million leva.
Revenue in January-May was 14.72 billion leva, down 1.2 per cent compared to the same period of last year.
The Finance Ministry said that tax and non-tax revenue was up by 6.6 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 funds disbursed in the early months of 2016 – as Bulgaria sped up efforts to maximise its allocation of EU funds from the previous budgeting period – which set a high baseline for this year.
Tax revenues were up by 7.7 per cent compared to the first five months of last year, at 12.2 billion leva.
Budget spending was 13.03 billion leva in January-May, up from 12.08 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: Michael Faes/sxc.hu)