Bulgaria closed last year with a consolidated budget deficit of BGN 2.47 B, equivalent to 2.9% of the projected Gross Domestic Product (GDP), the Finance Ministry announced on Friday.

This compared with a consolidated budget gap of BGN 3.08 B, equivalent to 3.7% of GDP at the end of 2014.

Revenues and grants totalled BGN 32.21 B, or 101.8% of the amount projected in the revised budget plan for 2015.

Compared with end-2014, revenues and grants increased by 2.79 B, or 9.5%. Tax revenues grew by 7.9% year-on-year, non-tax revenue was up 7.1%, while grants which comprised mainly of EU funds, increased by 24.7%.

Tax revenue including social insurance contributions totalled 24.86 B, or 100.5% of revised 2015 budget plan, the Finance Ministry said.

Expenditure under the 2015 consolidated budget, including Bulgaria’s contribution into the EU budget, totalled 34.68 B, or 100.4% of the year’s plan.

Compared with 2014, total expenditure increased by about BGN 2.2 B, or 6.8%, last year.

Capital expenditure rose most, by BGN 1.9 B mainly due to increased investment under the EU operational programmes for development of rural regions and the fisheries sector at the end of the 2007-2013 programme period.

The government’s fiscal reserve totalled BGN 7.9 B as of 31 December 2015.

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