At the end of the third quarter, Bulgaria’s treasury faced a deficit exceeding 2.8 billion leva, according to data on the implementation of the fiscal program, as approved by the cabinet. The Ministry of Finance predicts that this shortfall will rise to 4 billion leva by October, with an expected deficit for the year of 6.2 billion leva.

As of September, the fiscal reserve stood at 14.8 billion leva. The deficit is the result of a cash-based calculation, with total revenues amounting to over 52 billion leva and expenditures reaching 54.8 billion leva. This means that slightly more than 69 percent of the forecasted revenue was collected, while around 67 percent of planned expenses were spent during the first nine months.

The treasury traditionally sees higher expenditures at the close of the year. The increase in the deficit has been attributed to rising social payments, including pensions, salaries in the public sector, and compensation for teaching staff, according to government reports.

Although official estimates for the 2025 budget have not been released, there is talk of a significant widening of the deficit, along with measures aimed at controlling it. Deputy Prime Minister Lyudmila Petkova reassured that next year’s budget plan will aim for a deficit of up to 3 percent of GDP, in line with the Maastricht criteria.