Bulgaria’s Finance Ministry has recorded a consolidated Budget surplus of 403.7 million leva in the first three months of the year, or 0.2 per cent of this year’s estimated gross domestic product, in line with the ministry’s forecast of 0.4 billion leva issued last month.

This was a big jump compared to the same period of 2023, when Bulgaria recorded a Budget deficit of 662.4 million leva. However, the figure was boosted by the Cabinet’s transfer of 1.2 billion leva in funding for municipal projects, to be allocated throughout 2024.

Discounting that one-off transfer, the adjusted consolidated Budget balance for the first quarter of 2024 was a deficit of 796.3 million leva.

Revenue in January-March was 15.76 billion leva, up 7.2 per cent from 14.69 billion leva recorded in the same period of last year. Tax revenues were 12.02 billion leva, an increase of 1.8 per cent.

Budget spending was 15.35 billion leva, unchanged from the same period of 2023. However, a like for like comparison with 2023 after removing the one-off 1.2 billion leva transfer of funds for municipal projects put the total spending so far this year at 16.55 billion leva, a nominal increase of 7.7 per cent, the ministry said.

(Photo: Alessandro Paiva/sxc.hu)

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