Bulgaria's consolidated fiscal program, which includes the state budget and the national social security institute, had a deficit of BGN 372 M at the end of July 2009.

Bulgaria first registered a deficit on a monthly basis in March 2009 but the surplus from the previous months still made the balance positive; after July the state budget deficit for the year so far is formally a fact for the first time in several years. After the first six months of 2009, Bulgaria still had a small surplus of BGN 173 M.

Data provided by the Finance Ministry shows that Bulgaria's state expenditure under the consolidated fiscal program in the first seven months of 2009 amounted to BGN 15,191 B, which is 50% of the projected 2009 expenses; compared with the same period of 2008, the expenditures have increased by 24,3%.

Bulgaria's state income amounted to BGN 14,819 B in the first seven months of 2009, which is 83,4% of the projected state revenue for January-July 2009, and 45,5% of the projected state revenue for all of 2009.

Bulgaria's state expenditure has been increased tangibly in 2009 to reach 23,8% of the GDP; in 2007 they were 19,1% of the GDP; in 2008 - 18,3% of the GDP. In the first seven months of 2009, Bulgaria's state spending was 30% larger than in the same period of 2008.

Shortly after assuming office, Bulgaria's Finance Minister Simeon Djankov announced Bulgaria would end 2009 with a budget deficit of BGN 2,5 unless urgent measures were implemented. He has come up with a plan to curtail state spending by BGN 1,15 B, and has announced that additional sources of state revenue would be sought in order to fill the remaining gap and try to achieve a minimal budget surplus of 0,5% at the end of the year.

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