- Political stability
- Fiscal affairs
- Monetary policy
- Regulated markets
- Privatisation
- Macroeconomic developments
Budget surplus continues to grow.
submited on 03.10.2005 in category Political stability | Fiscal affairs | Macroeconomic developments
submited on 03.10.2005 in category Political stability | Fiscal affairs | Macroeconomic developments
Recent data show that budget revenues grow at rates far exceeding the expected pace. For the eight months till August consolidated budget revenues reach BGN 11, 759 million, or 14% higher than the same period of 2004. Expenditures until August stay at BGN 10,440 million (14.4% growth over 2004). The resulting surplus of BGN 1,319 million exceeds the 2004 level for the same period by 10.6%. Compared to July, the surplus expanded by BGN 186 million.
By July the total public debt shrank to EUR 7,033 million, or 33.3% of forecasted 2005 GDP. The external component stood at EUR 5,577.
The fiscal reserve fell to BGN 4.6 billion by the end of August, but the reduction reflected the buyback of the last Brady-bonds in July, i.e. corresponds to an identical contraction of the external debt.
On a macro level, public finance at present is characterized by sizeable reserve, decreasing public debt (at levels significantly lower than most European economies) and revenue growth rate exceeding the nominal growth of GDP. By the end of the year we expect that revenues will be by BGN 1.8-1.9 billion more than planned in the Budget Act for 2005.
By July the total public debt shrank to EUR 7,033 million, or 33.3% of forecasted 2005 GDP. The external component stood at EUR 5,577.
The fiscal reserve fell to BGN 4.6 billion by the end of August, but the reduction reflected the buyback of the last Brady-bonds in July, i.e. corresponds to an identical contraction of the external debt.
On a macro level, public finance at present is characterized by sizeable reserve, decreasing public debt (at levels significantly lower than most European economies) and revenue growth rate exceeding the nominal growth of GDP. By the end of the year we expect that revenues will be by BGN 1.8-1.9 billion more than planned in the Budget Act for 2005.
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