Bulgaria consolidated budget is expected to show a surplusof BGN 961 Mas at end-February, equivalent to 1.1% of the projected 2016 GDP, according to preliminary data and estimates, the Finance Ministry has said.

The country had reported a consolidated budget deficit of BGN 105.5 M as at end- February 2015, equivalent to 0.1% of GDP.

Revenues and grants are expected to total BGN 5.50 B, or 16.7% of the annual estimate as at end-February 2016, up by BGN 738.7 M compared with the same months of 2015, the Finance Ministry said in a statement on Monday.

The ministry attributed the increase to higher tax and non-tax revenues and proceeds from EU grants, which had grown by BGN 478.3 M and BGN 260.3 M, respectively.

Consolidated budget spending, including Bulgaria’s contribution to the EU budget, is expected at BGN 4.53 B at end-February 2016, or 13% of the 2016 plan. The expenditures for the same period of 2015totalled BGN 4.87 B.

Bulgaria’s consolidated budget showed a surplus of BGN 991.6 M as at end-January equivalent to 1.1% of the projected 2016 GDP.

The Finance Ministry will publish data for consolidated budget revenues and spending as at end-February 2016 at the end of March.