Bulgaria's Draft 2013 Budget Projects 1.3% Deficit, 1.5% GDP Growth

Business » FINANCE | October 3, 2012, Wednesday // 21:05
Bulgaria: Bulgaria's Draft 2013 Budget Projects 1.3% Deficit, 1.5% GDP Growth File photo

Bulgaria's draft 2013 State Budget Act provides for an economic growth of 1.5% and a deficit of 1.3%, according to the document published Wednesday by the Bulgarian Finance Ministry.

The draft budget for next year also states the government's expectations that Bulgaria will end 2012 with a GDP growth of 0.9%.

Further, the Bulgarian Finance Ministry envisages a budget deficit of BGN 1.1 B in 2013 under the country's Consolidated Fiscal Program, or about 1.3% of the projected GDP.

Bulgaria's state spending in 2013 is estimated at BGN 31.648 B (38.8% of the GDP), an increase by BGN 1.804 B compared with the 2012 state budget; this spending factors in Bulgaria's contribution to the common EU budget, which is estimated at BGN 908 M, an increase by BGN 12.5 M, constituting roughly the same share of Bulgaria's GDP as in 2012 – about 1.1%.

Bulgaria's state revenue in 2013 is project at BGN 30.548 B (37.5% of the projected GDP), up by BGN 1.796 B compared with the 2012 budget.

Bulgaria's 2013 State Budget Act also provides additional BGN 790 M for social spending, including BGN 586 M more than was provided in the 2012 budget for increasing retirement pensions as of April 1, 2012; BGN 135 M more for unemployment and social benefits; and BGN 72 M more for employment programs.

Bulgaria's education sector will receive BGN 120 M more funding from the state in 2013, while the culture sector will get BGN 31 M more that it got in 2012, according to the draft document.

The state spending slated for infrastructure is up by BGN 510 M year-on-year.

Bulgaria's draft 2013 State Budget Act is still under discussion, and a matter of talks between the Finance Ministry and a number of other state institutions.

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Tags: budget, state budget, 2013 State Budget Act, 2012 state budget, budget deficit, economic growth, GDP growth, Finance Ministry, retirement pensions, state spending, revenues, revenue
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