Bulgaria consolidated budget showed a surplus of BGN 2.35 B as of end-April, equivalent to 2.6% of the projected 2016 GDP.

This compared with consolidated budget surplus of BGN 1.07 B, equivalent to 1.2% of GDP at the end of April  2015.

Increased revenues as well as decreased spending in January-April 2016 compared with the equivalent period of last year were the main factors for the improved budget position, the Finance Ministry said in a statement on Tuesday.

Revenues and grants increased by 7.4% year-on-year, reaching BGN 12.17 B as of 30 April, or 36.9% of the 2016 plan. Tax and non-tax revenues collected in the first four months of the year grew by BGN 1.01 B compared to the equivalent period of 2015, while EU grants decreased by BGN 170 M.

Tax revenues including social security contributions increased by 10.5 % on the year in nominal terms, reaching  BGN 9.19 B as of end-April, or 35.4% B of 2016 plan.

Revenues from indirect taxes rose most, increasing by 14.4% year-on-year to BGN 4.51 B as of 30 April, or 34% of 2016 plan. VAT revenue grew by BGN 394 M, reaching BGN 3 B, or 35.8% of plan.

Revenues from direct taxes totalled BGN 1.89 B for the first four months of 2016, or 40.3% of annual plan, increasing by 9.3% in comparison with the equivalent period of 2015.

Expenditure under Bulgaria’s consolidated budget, including the country’s contribution into the EU budget, totalled BGN 9.82 B as of end-April 2016, or 28.2% of 2016 plan. This compared with expenditure of BGN 10.26 B as of 30 April 2015, the Finance Ministry said.

The government’s fiscal reserve totalled BGN 12.3 B at the end of April 2016, including BGN 11.4 B deposited with Bulgaria’s central bank and commercial banks.

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