Bulgaria records 972.1M leva Budget deficit in January-July 2024
Bulgaria’s Finance Ministry has recorded a consolidated Budget deficit of 972.1 million leva in the first seven months of the year, or 0.5 per cent of this year’s estimated gross domestic product.
This was a significant drop compared to the same period of 2023, when Bulgaria recorded a Budget surplus of 455.3 million leva. This was despite the Budget balance being boosted by the Cabinet’s transfer of 1.2 billion leva – allocated from last year’s Budget – in funding for municipal projects, to be distributed throughout 2024.
Discounting that one-off transfer, the adjusted consolidated Budget balance for the first seven months of 2024 was a deficit of 2.17 billion leva.
Revenue in January-July was 40.85 billion leva, up 8.9 per cent compared to the same period of last year. Tax revenues were 32.38 billion leva, an increase of 12.2 per cent.
Budget spending was 41.82 billion leva, up from 37.06 billion leva recorded in the same period of 2023. However, a like for like comparison with the first seven months of last year after removing the one-off 1.2 billion leva transfer of funds for municipal projects put the total spending so far this year at 43.02 billion leva, the ministry said.
(Photo: Alessandro Paiva/sxc.hu)
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