Sofia Echo


Bulgaria's Budget gap shrinks 65% Y/Y in H1 2011

Author: Date: Mon, Jul 18 2011 1548 Views
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Bulgaria's Budget deficit shrank 65 per cent year-on-year to 652.1 million leva in the first half of 2011, according to Finance Ministry preliminary data on July 18 2011.

The amount is 0.9 per cent of the country's gross domestic product (GDP) expected in 2011, down from 2.2 per cent recorded the previous year.

Total revenue rose by 7.6 per cent in annual terms to 12 billion leva in the six-month period, or 45.9 per cent of the planned amount for the year. The growth was attributed to the higher proceeds from indirect taxes, which went up by 638 million leva. Revenue from indirect taxes also increased.

Total spending, including transfers to the EU budget, came in at 12.7 billion leva, about 45.1 per cent of the Government's target.

The fiscal reserve was 5.2 billion leva as of June 30.

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