Bulgaria’s consolidated budget balance came to a surplus of BGN 3.3bn as of end-August’16

Bulgaria’s consolidated budget balance (cash basis) came to a surplus of BGN 3.3bn as of end-August 2016 (3.7% of the GDP*), compared to a surplus of BGN 0.6bn at the end of August’15. The total revenues and grants for the January-August’16 period totalled BGN 23.0bn (69.7% of the planned for the year), up by 7.1% YoY, while the expenditures under the consolidated fiscal programme (including the contribution to the EU budget) were BGN 19.7bn (56.6% of the annual plans), down by 5.6% YoY. On a separate note, the Ministry of Finance announced that it expects the January-September’16 budget balance to close at a surplus of BGN 3.4bn (3.8% of the GDP), vs a surplus of BGN 0.6bn as of end September’15. The revenues and grants are expected to total BGN 25.7bn (77.8% of the planned for the year), up by BGN 1.5bn YoY, while the expenditures (including the contribution to the EU budget) are projected at BGN 22.3bn (64.1% of the annual plans), down by BGN 1.2bn YoY. *2016 expected GDP of BGN 85.7bn