site.bta2014 Deficit in General Government Sector Reported at 5.8 Per Cent of GDP

2014 Deficit in General Government Sector Reported at 5.8 Per Cent of GDP

Sofia, October 21 (BTA) - The deficit in the General Government sector for 2014 was 5.8 per cent of the Gross Domestic Product (GDP), or 4,826 million leva, the National Statistical Institute said, releasing conclusive data about the General Government deficit and debt. The same figures were also reported by Eurostat in the latest update of the government deficit/surplus, debt and associated data, the Finance Ministry said.

The difference between the preliminary and final data about the deficit in the General Government sector amounting to 2,489 million leva or 3 per cent of the GDP is mainly due to the inclusion of the Bank Deposits Guarantee Fund in the General Government sector.

The inclusion of the Bank Deposits Guarantee Fund increased the deficit in the Central Government sub-sector by 3.1 per cent of the GDP to 4,868 million leva, or a total of 5.8 per cent of the GDP.

The Local Government sub-sector ran a deficit of 26 million leva or 0.03 per cent of the GDP.

Bulgaria's debt in 2014 totalled 22,560 million leva, or 27 per cent of the GDP.

A procedure for excessive deficit is not expected to be opened against Bulgaria, because the revised deficit data are on account of temporary obligations assumed by the Bank Deposits Guarantee Fund which will not affect the deficit for future years, the Finance Ministry said.