Bulgaria Reports BGN 2.35 B Budget Surplus for End-April

Business » FINANCE | May 31, 2016, Tuesday // 21:44| Views: | Comments: 0
Bulgaria: Bulgaria Reports BGN 2.35 B Budget Surplus for End-April

Bulgaria's consolidated budget showed a surplus of BGN 2.35 B as of end-April, equivalent to 2.6% of the projected 2016 GDP.

This compared with consolidated budget surplus of BGN 1.07 B, equivalent to 1.2% of GDP at the end of April  2015.

Increased revenues as well as decreased spending in January-April 2016 compared with the equivalent period of last year were the main factors for the improved budget position, the Finance Ministry said in a statement on Tuesday.

Revenues and grants increased by 7.4% year-on-year, reaching BGN 12.17 B as of 30 April, or 36.9% of the 2016 plan. Tax and non-tax revenues collected in the first four months of the year grew by BGN 1.01 B compared to the equivalent period of 2015, while EU grants decreased by BGN 170 M.

Tax revenues including social security contributions increased by 10.5 % on the year in nominal terms, reaching  BGN 9.19 B as of end-April, or 35.4% B of 2016 plan.

Revenues from indirect taxes rose most, increasing by 14.4% year-on-year to BGN 4.51 B as of 30 April, or 34% of 2016 plan. VAT revenue grew by BGN 394 M, reaching BGN 3 B, or 35.8% of plan.

Revenues from direct taxes totalled BGN 1.89 B for the first four months of 2016, or 40.3% of annual plan, increasing by 9.3% in comparison with the equivalent period of 2015.

Expenditure under Bulgaria’s consolidated budget, including the country’s contribution into the EU budget, totalled BGN 9.82 B as of end-April 2016, or 28.2% of 2016 plan. This compared with expenditure of BGN 10.26 B as of 30 April 2015, the Finance Ministry said.

The government’s fiscal reserve totalled BGN 12.3 B at the end of April 2016, including BGN 11.4 B deposited with Bulgaria’s central bank and commercial banks.

Finance » Be a reporter: Write and send your article
Tags: Bulgaria, budget, surplus, deficit, finance, revenues, expenditures, GDP, tax, GRANTS, fiscal reserve
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