Bulgaria’s consolidated budget showed a surplus of BGN 2.77 B as at end-May, equivalent of 3.1% of forecast 2016 GDP, according to new Finance Ministry data.
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This compared with consolidated budget surplus of BGN 1.09 B at at end-May 2016, equivalent to 1.3% of GDP.
The increase is due both to the growth of revenues and the containment of expenditures as compared to the same period of the previous year, the Finance Ministry explained in a statement posted on its website.
Revenues and grants under the consolidated budget amounted to BGN 14.85 B, or 45.0% of 2016 plan, at the end of May 2016.Compared to the first five months of 2015, revenues and grants have increased by BGN 1.03 B, or by 7.5%.
Tax proceeds, including revenues from social security and health insurance contributions, totalled BGN 11.32 B for the first five months of 2016, or 43.6% of the plan for the year. Compared to end-May 2015, tax revenues have increased by 10.1% in nominal terms.
Expenditures under the consolidated budget, including Bulgaria’s contribution to the EU budget, totalled BGN 12.08 B for the first five months, or 34.7% of the total amount planned for 2016. This compared with expenditures ofBGN 12.73 B for the same period last year.
The Finance Ministry has said that it expects budget surplus to continue increasing in June and reach BGN 3.09 B at the end of the month equivalent to 3.5% of 2016 GDP forecast.
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