Bulgaria's Budget Surplus Has Shrunk by More than a Half by the End of August
According to the Ministry of Finance, Bulgaria's budget surplus has shrunk to 600 million euros by the end of August.
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Bulgaria had a budget surplus of BGN 675,5 M at the end of April, decreasing from BGN 2,7 B at the same time last year.
The surplus was however up by 31,3 % from the end of March. The year on year fall can be explained by a large increase in spending, the Bulgaria finance ministry explained.
Budget spending rose 21,7 % to BGN 8,4 B at the end of April from a year ago due to the economic crisis which cut revenues by 5,2 % on an annual basis to BGN 9,1 B, finance ministry data showed, cited by Pari daily.
Officials pointed at the global financial crisis as the main culprit for the y/y surplus decrease, adding that there has been a drastic decrease in imports and a lowering in demand for manufactured products since April 2008.
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