Bulgaria January-September 2022 Budget surplus at 989.2M leva

Bulgaria’s Finance Ministry has recorded a consolidated Budget surplus of 989.2 million leva in the first nine months of the year, or 0.6 per cent of this year’s estimated gross domestic product, falling short of the ministry’s forecast of 1.06 billion leva issued last month.

The figure represented a drop compared to the same period of 2021, when Bulgaria recorded a Budget surplus of 1.07 billion leva.

For October, the ministry forecast a Budget deficit of 20 million leva at the end of the month.

The reasons for the sharp decline was increased social spending due to the pensions increase in October, capital expenditures, as well as higher tax credit rebates on VAT to businesses, the ministry said.

The state Budget had a surplus of 468.5 million leva in the first nine months of the year and the EU funds recorded a surplus of 520.7 million leva. Bulgaria’s contribution to the EU budget for January-September 2022 was 1.24 billion leva.

Revenue in January-September was 45 billion leva, up 18.9 per cent from last year. Tax revenues were 34 billion leva, an increase of 14.8 per cent, the ministry said.

Budget spending was 44.01 billion leva in the first nine months of the year, compared to 36.78 billion leva in the same period of 2021.

(Illustration: svilen001/sxc.hu)

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