Bulgaria H1 2022 Budget surplus at 1.18B leva

Bulgaria’s Finance Ministry has recorded a consolidated Budget surplus of 1.18 billion leva in the first half of the year, or 0.8 per cent of this year’s estimated gross domestic product, exceeding the ministry’s forecast of 1.16 billion leva issued last month.

The figure represented a sharp increase compared to the same period of 2021, when Bulgaria recorded a Budget surplus of 118.2 million leva.

For July, the ministry forecast a Budget surplus of 1.56 billion leva at the end of the month.

The state Budget had a surplus of 832.6 million leva in the first six months of the year and the EU funds recorded a surplus of 347 million leva. Bulgaria’s contribution to the EU budget for January-June 2022 was 812.8 million leva.

Revenue in the first half of the year was 28.25 billion leva, up 14.1 per cent from last year. Tax revenues were 22.24 billion leva, an increase of 15.5 per cent, the ministry said.

The Finance Ministry said that the improved budget position was due to higher revenues from the annual corporate taxes for 2021, which were due in June, as well as indirect taxes and the inflow of EU funds.

Budget spending was 27.07 billion leva in the first six months of the year, compared to 24.65 billion leva in the same period of 2021.

(Illustration: svilen001/sxc.hu)

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