Bulgaria FinMin Increases 2015 Budget Deficit Target to 3.3%

Business » FINANCE | October 26, 2015, Monday // 18:39| Views: | Comments: 0
Bulgaria: Bulgaria FinMin Increases 2015 Budget Deficit Target to 3.3%

Bulgaria’s Finance Ministry has revised its target for this year's consolidated budget deficit to 3.3% of GDP from originally projected 3.0%.

The revision, which suggests a rise in spending by the end of the year, has been announced alongside the release of the 2016 budget draft and an updated budget forecast for the period 2016-2018 on Monday.

The Finance Ministry said earlier this month that the consolidated government budget is expected to have a surplus of BGN 627 M at the end of September equivalent to 0.7 % of the projected 2015 GDP. Bulgaria had a budget surplus of 0.7% of GDP at the end of August.

The increased rate of absorption of EU funds as a result of the closing of the 2007-2013 programming period, as well as other additional costs under autonomous budgets included in the 2015 consolidated budget are exerting the most significant additional pressure on budget spending, the Finance Ministry said.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Finance » Be a reporter: Write and send your article
Tags: Bulgaria, draft budget, spending, deficit, surplus, Finance Ministry, budget
Advertisement
Advertisement
Expats.bg All Are Welcome! Join Now!
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria