Bulgaria Budget Surplus Shows Dramatic Decrease

Business » FINANCE | June 1, 2009, Monday // 11:50
Bulgaria Budget Surplus Shows Dramatic Decrease: Bulgaria Budget Surplus Shows Dramatic Decrease File Photo

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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