The Bulgarian Ministry of Finance has said the country’s consolidated fiscal program achieved a positive balance in January, which came to $483 million, nearly 1 percent of the country’s forecast GDP.
The surplus is mainly achieved through a
overage in the national budget of $432 million. The ministry also
recorded a surplus of European Union (EU) funds of $51.3 million.
In January, Bulgaria reported $1.8 billion in revenue, accounting for 9.4 percent of
this year's planned revenue estimates. This represented a 6.7 percent growth from
January 2016, when the country reported $1.1 billion in revenue.
This increase includes a 12.2 percent year-on-year increase in tax revenues, which hit $1.5 billion in January or
10.3 percent of the annual plans. Direct taxes were $154 million, while
indirect taxes were $1.06 billion, the latter of which hit 13.8 percent
of the annual plans, with VAT revenues hitting 14.5 percent, or $698 million, and excise duty revenues hitting 12.8 percent at $352 million.
Revenues from social security and health
insurance contributions, areas that account for the largest increases in
spending in the country, were $333 million, which is 7.7 percent of the annual
plans but a 13 percent year-on-year increase.
Expenditures in January hit $1.3 billion, including interest expenditures of $49 million and $39 million for the country’s contribution to the EU budget.
Bulgaria reports positive balance in January for consolidated fiscal program
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