Bulgaria’s Finance Ministry has recorded a consolidated Budget surplus of 455.3 million leva in the first seven months of the year, or 0.2 per cent of this year’s estimated gross domestic product, broadly in line with the ministry’s forecast of 0.5 billion leva issued last month.
The figure represented a significant drop compared to the same period of 2022, when Bulgaria recorded a Budget surplus of 1.52 billion leva. For August, the ministry forecast a Budget deficit of about 100 million leva at the end of the month.
The state Budget had a surplus of 423.2 million leva in the first seven months of the year and the EU funds recorded a surplus of 32.1 million leva. Bulgaria’s contribution to the EU budget for January-July 2023 was 990.3 million leva.
Revenue in January-July was 37.51 billion leva, up 10.9 per cent from last year. Tax revenues were 28.87 billion leva, an increase of 10.5 per cent, the ministry said.
Budget spending was 37.06 billion leva in the first seven months of the year, compared to 32.31 billion leva in the same period of 2022, with the bulk of the increase going to higher pensions and salaries in the public sector, as well as increased capital spending, the ministry said.
(Photo: Alessandro Paiva/sxc.hu)
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