Bulgaria’s Finance Ministry has recorded a consolidated Budget surplus of 4.8 million leva in the first 10 months of the year, better than the ministry’s forecast, issued last month, of a 20 million leva deficit.
The figure represented a significant drop compared to the same period of 2021, when Bulgaria recorded a Budget surplus of 727.7 million leva.
For November, the ministry forecast a Budget deficit of 610 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 deficit of 480.3 million leva in the first 10 months of the year and the EU funds recorded a surplus of 485.1 million leva. Bulgaria’s contribution to the EU budget for January-October 2022 was 1.35 billion leva.
Revenue in January-October was 50.24 billion leva, up 19.2 per cent from last year. Tax revenues were 37.72 billion leva, an increase of 14 per cent, the ministry said.
Budget spending was 50.23 billion leva in the first 10 months of the year, compared to 41.41 billion leva in the same period of 2021.
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