Bulgaria's consolidated budget surplus soared to 440.4 million leva in January 2008, more that four times higher than in the same month of the previous year, preliminary data from the Finance Ministry showed on March 4.

In January 2007, the consolidated budget surplus was 103 million leva, according to the ministry's website.

The budget revenue in the first month of 2008 was 2.08 billion leva, including 1.87 billion from tax collection. Total government spending was 1.57 billion leva, with social expenditures being the single biggest outlay at 610 million leva. Bulgaria's contribution to the European Union budget in January was 73.8 million leva.

Last year, the consolidated budget surplus totalled 3.8 per cent of projected gross domestic product (GDP), exceeding the three per cent initial target. In 2008, the target is once again three per cent of GDP, as the Cabinet seeks to slow down current account deficit growth.

In 2007, the current account gap rose to 21.6 per cent of GDP, from 15.7 per cent a year earlier.