Bulgaria’s budget deficit reached BGN 1.54bn at the end of August, or 2.3% of projected GDP* for 2010, up from 1.2% as of the end of the previous month (budget deficit fell at the end of July compared to the end of June because the country received BGN 330m in cash under the EU’s JEREMIE program for SME financing). In August budget revenues reached BGN 15.3bn or 62.3% of projected revenues for 2010. Direct tax revenues came in at BGN 2.4bn or 68.5% of the projected sum for 2010, while indirect tax revenues were at BGN 5.9bn or 59.6% of 2010 projections. Budget expenditures for the first eight months of the year shrank by 1.3% YoY and came in at BGN 16.83bn or 60.5% of projected annual expenditures. * BNB forecasts for 2010 GDP of BGN 67.47bn.