site.btaFinance Ministry Projects Budget Surplus in May

Finance Ministry Projects Budget Surplus in May

Sofia, May 30 (BTA) - The Finance Ministry has forecast a budget
surplus of 1,150 million leva, or 1.4 of projected GDP, on a
cash basis under the Consolidated Fiscal Programme by May 2015.

May will be the third straight month to see a surplus. This has
been the largest surplus for the first five months of the year
since 2008.

Similarly to revenues expenditures grew due to the greater rate
of EU funds absorption and increased expenditures by local
authorities.

By comparison, between January and May 2014 there was a deficit
of 888.6 million leva, or 1.1 per cent of GDP. Compared with
the like period of 2014, the budget position has improved by
2,038.6 million leva, or 2.5 per cent of GDP.

Between January and May, revenues and grants under the CFP are
projected at 13,840 million leva, or 45.6 per cent of annual
projections. At the end of May revenues are expected to grow by
17.5 per cent, or 2,064 million leva compared with the like
period of 2014. The growth is due to larger tax and non-tax
revenues amounting to 1,049 million leva and 1,015 million leva
reimbursed by the European Commission.

By May, CFP expenditures including Bulgaria's contribution to
the EU budget are estimated at 12,690 million leva, which is
38.6 per cent of the annual projection.

Bulgaria's contribution to the EU budget between January and May
totalled 450.0 million leva.

The Ministry has published data about the CFP implementation by
April 30 2015 and
highlights were presented by Finance Minister Vladislav Goranov
on Tuesday.