Bulgaria's Budget Deficit Tops BGN 386 M in January-July 2009

Business » FINANCE | September 1, 2009, Tuesday // 13:32
Bulgaria: Bulgaria's Budget Deficit Tops BGN 386 M in January-July 2009 File Photo

Bulgaria's budget deficit for the first seven months of 2009 has reached BGN 386,4 M, the Finance Ministry announced.

Bulgaria's consolidated fiscal program, which includes the state budget and the National Social Security Institute, has a total deficit of BGN 512,4 M; part of this gap, however, is covered by a positive balance of BGN 126 M in the funds the country received from the EU as opposed to its EU payments.

At the beginning of August, Bulgaria's Finance Minister, Simeon Djankov, announced that according to preliminary data, the budget deficit reached BGN 372,4 M at the end of July 2009.

The total state revenue for the first seven months of 2009 amounted to BGN 14,751 B, which is 89,7% of the state revenue that was collected in the same period of 2008; this is also 45,3% of the annual revenue projected in the 2009 State Budget Act. Earlier in August, Djankov's preliminary data said the revenue was higher - BGN 14,819 B.

In the first seven months of 2009, Bulgaria's expenditures amounted to BGN 15,137 B, which is 23,8% more than in the same period of 2008. The preliminary data showed expenditures of BGN 15,191 B.

Bulgaria's state budget actually has a deficit of only BGN 49,5 M for January-June, 2009; the rest of the deficit on the consolidated fiscal program comes from the municipal budgets and the budget of the National Social Security Institute.


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Tags: state budget, budget deficit, Simeon Djankov, finance minister, revenue
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