Bulgaria’s consolidated budget showed a surplus of BGN 991.6 M for end-January equivalent to 1.1% of the projected 2016 GDP, according to preliminary data released by the Finance Ministry on Monday.

This compared with a consolidated budget surplus of BGN 69.1 M equivalent to 0.1% of GDP at end-January 2015.

The Finance Ministry attributed the rise in surplus to the higher rate of increase in budget revenue and grants as well as decreased spending compared with January 2015.

Revenues and grants received in January 2016 increased by  26.7% year-on-year, reaching BGN 3.13 B, or 9.5% of annual plan.This compared with year-on-year increase in revenue and grants by 19.3% and 15.8% for January 2015 and January 2014 respectively, the Finance Ministry said in a monthly budget report.    

Expenditure under the consolidated budget, including Bulgaria’s contribution into the European Union budget, totalled BGN 2.14 B, or 6.1% of the 2016 plan. This compared with consolidated budget spending of BGN 2.40 B for January 2015.