Bulgaria’s Finance Ministry has recorded a consolidated Budget deficit of 841 million leva in the first nine months of the year, the equivalent of 0.5 per cent of the ministry’s gross domestic product forecast for 2023.
The figure represented a significant swing compared to the same period of 2022, when Bulgaria recorded a Budget surplus of 989.2 million leva.
The state Budget had a deficit of 771.5 million leva in the first nine months of the year and the EU funds recorded a deficit of 69.5 million leva. Bulgaria’s contribution to the EU budget for January-September 2023 was 1.25 billion leva.
Revenue in January-September was 47.64 billion leva, up 5.9 per cent from last year. Tax revenues were 37.37 billion leva, an increase of 9.9 per cent, the ministry said.
Budget spending was 48.48 billion leva in the first nine months of the year, up 10.1 per cent compared to the same period of 2022, with the bulk of the increase going to higher “social and health insurance spending”, as well as increased wages in the public sector and capital spending, the ministry said.
(Photo: Alessandro Paiva/sxc.hu)
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