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Fiscal surplus grew in April, fiscal policy maintains restrictive.
submited on 13.06.2005 in category Political stability | Fiscal affairs | Monetary policy | Macroeconomic developments
submited on 13.06.2005 in category Political stability | Fiscal affairs | Monetary policy | Macroeconomic developments
The trend of restrictive fiscal policy through accumulating the current budget surpluses in the fiscal reserve account in BNB continued. In Q1 of 2005 we saw the usual contraction of consolidated public expenditures after the massive spending in the end of the previous year. They were lower compared to both Q3 and Q4 of 2004 levels. Compared to Q1 of 2004, the growth of expenditures was just above 0.9%. In Q2 of 2005 we expect a combined restrictive effect of maintaining a surplus budget and the newly introduced credit-regulating measures by the Central Bank.
By April, the surplus in the consolidated budget reached BGN 673 million. Revenues were BGN 5,760 m and expenditures we BGN 5,087 mln. The social security deficit financed by a transfer from the central government budget (i.e. general taxation) reached BGN 323 million, in line with program. Savings in spending were mainly in public employment wage expenditures. The trend of faster-than-average growth of state fees was maintained.
In the public debt management the government maintained its policy of gradual reduction of external debt, as the total foreign debt fell by EUR 675 million during Q1 of 2005.
By April, the surplus in the consolidated budget reached BGN 673 million. Revenues were BGN 5,760 m and expenditures we BGN 5,087 mln. The social security deficit financed by a transfer from the central government budget (i.e. general taxation) reached BGN 323 million, in line with program. Savings in spending were mainly in public employment wage expenditures. The trend of faster-than-average growth of state fees was maintained.
In the public debt management the government maintained its policy of gradual reduction of external debt, as the total foreign debt fell by EUR 675 million during Q1 of 2005.
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