Bulgaria's Deficit Growing as of End-May

Business » FINANCE | July 1, 2014, Tuesday // 12:18| Views: 1037 | Comments: 0
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Bulgaria: Bulgaria's Deficit Growing as of End-May File photo

Bulgaria's budget deficit was BGN 888.6 M (roughly EUR 444.3 M) at the end of May 2014, Finance Ministry officials say.

The gap in the national budget is at BGN 362.9 M, while the balance of funding allocated by the EU is also negative - BGN 525.7 B.

Revenues in Bulgaria's treasury, combined with EU funds, were BGN 11.77 B, or BGN 26.3 M less than the previous year, while expenditures in end-May 2014 were BGN 12.66.

Spending grew by BGN 907.8 M compared to May 2013 (or by 7.7%), and this is mainly due to boosted absorption of EU funding and increased social expenses, Finance Ministry officials say.

Fiscal reserve was BGN 5.8 B (EUR 2.9 B), some BGN 4.9 B of which are deposits in the Bulgarian National Bank (BNB) and 0.9 B of EU funding allocated to certified expenditures.

Tax revenues amounted to BGN 9.436 B, which is 38% of 2014 projected estimates and suggests a BGN 246 M increase compared to May last year.

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Tags: Finance Ministry, revenues, tax, deficit, EU funding, BNB
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