Bulgaria's state budget has come to a positive balance for the first five months of 2012, after May became the second month in a row to register monthly budget surplus, the Bulgarian Finance Ministry announced Tuesday.

According to preliminary data, Bulgaria had a positive monthly budget balance in May 2012 amounting to BGN 284.4 M.

Thus, Bulgaria's budget balance for January-May 2012 has already reached a surplus of BGN 67.4 M, after a monthly surplus of BGN 473.8 M in April 2012.

The five-month surplus of BGN 67.4 M results from a national budget surplus of BGN 334.5 M and a EU funds deficit of BGN 267.0 M, the Finance Ministry said.

Compared to the same period of last year, Bulgaria's consolidated financial framework has improved by BGN 665 M (0.8 % of GDP), which is mostly on account of the national budget balance being improved by BGN 802.5 M (1.0 % of GDP), while the EU funds deficit has grown by BGN 137.6 M (0.2 % GDP).

"This improvement in the budget stance against last year is entirely due to the better performance of the revenue side of the budget. There is a nominal revenue growth of 3.3 % related to the increased costs under EU programs, while national budget expenditure contract by BGN 39.9 M (0.04 %)," the Ministry explained.

Bulgaria's fiscal reserve amounts to BGN 5.0 billion as of 31 May 2012.

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