Bulgaria Boasts BGN 850 M Budget Surplus in H1 2015

Business » FINANCE | July 1, 2015, Wednesday // 10:25| Views: | Comments: 0
Bulgaria: Bulgaria Boasts BGN 850 M Budget Surplus in H1 2015 Bulgaria's Finance Ministry HQ, photo by BGNES

Bulgaria will close the first half of 2015 at a surplus of around BGN 850 M, according to preliminary data of the Finance Ministry.
The result is the biggest H1 surplus registered since 2008.

In comparison, in the same period of 2014 the state coffers were plagued by a deficit of BGN 996,4 M, meaning that the budgetary position improves by BGN 1 846,4 M, according to reports of 24 Hours Daily.

The higher state revenues and foreign aid continue to be the main factors for the budgetary position improvement by June 2015.

Basic parameters: State revenues and foreign aid under the Consolidated Fiscal Program at the end of the first half of 2015 are expected to amount to BGN 16 248,9 M (53,5% of the annual forecast).

At the end of June revenues register substantial growth, up by 14,7% (BGN 2 078,2 M) from the same period of 2014.

The annual growth is due to the higher tax and non-tax revenues and the foreign aid receipts, which grew by BGN 1 297,3 M and BGN 780,9 M, respectively.

Bulgaria’s spending under the Consolidated Fiscal Program (including Bulgaria’s contribution to the EU budget) stood at around BGN 15 398,9 M by June 2015, or 46,9% of the annual forecast, according to operational data and estimates.

Bulgaria’s spending in the same period of 2014 stood at BGN 15 167,1 M.

Bulgaria's contribution to the EU budget amounted to BGN 505,3 M in the first six months of 2015.

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Tags: Finance Ministry, Consolidated Fiscal Program, budget surplus
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